Homes in Chichester at least 10 times as much as annual earnings

A WEST Sussex city is one of the least affordable places to buy a property in the UK, a study has found.

Saturday, 25th February 2017, 11:05 am
Updated Wednesday, 1st March 2017, 9:22 am

House prices in Chichester are at least 10 times as much as annual earnings, the fifth highest in the country, according to research from Lloyds Bank.

The average UK house price in a city costs nearly seven times more than the average yearly salary.

Home affordability is reportedly at its worst levels since 2008, with average prices at £224,926.

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Chichester ranks behind just Oxford, London, Winchester and Cambridge as the dearest to buy a house.

Sterling in Scotland is the cheapest city to buy a house compared to a year’s wage.

Andy Mason, Lloyds Bank mortgage products director, said: ‘City living is becoming increasingly expensive with average house prices at least 10 times average annual earnings in five of the UK’s cities.

‘Affordability levels have worsened for four consecutive years as average city house prices continue to rise more steeply than average wage growth.

‘House prices in the south have generally seen stronger growth than in the north.’

Lloyds used house prices from its banking group’s database, as well as Office for National Statistics average earnings figures for the research.