Stirling is the UK’s Most Affordable Place in Which to Live
Famous for its medieval old town and Stirling Castle, Stirling has topped the list of most affordable UK cities in which to buy a home for six consecutive years.
When it comes to affordability, homebuyers should head to Northern Ireland, North England and Scotland. Joint first on the list of affordability are Derry-Londonderry in Northern Ireland and Stirling in Scotland, where house prices are just 4.4 times the average local wage compared to Oxfordshire where house prices are a staggering 12 times the average local wage.
According recent to figures, housing affordability is at its lowest level for over a decade as house prices growth outstrips the annual wage increase. What’s more, the urban population is growing at a fast rate, with two thirds of people expected to be living in a city by the year 2050, further pushing up demand for housing and in turn, house prices.
A report by Lloyds Bank has revealed that homeowners need to head to Stirling in Scotland to make their hard earned wages stretch further, as the city has been named as the most affordable city in which to live along with Derry-Londonderry in Northern Ireland, with the best house price to earnings ratio.
The average UK city house price is now £248,000, an increase of 37 per cent over five years, but the average earnings haven’t gone up at the same rate, instead increasing by 11 per cent to £34,000 over the same period.
Seven cities across the UK have reported average house prices that are over 10 times the average wage and not surprisingly these cities are in the south of England. Oxford, Chichester and Winchester sit in first, second and third place making them the least affordable places in the UK to live with the average home in Oxfordshire a staggering 12 times the city’s average wage.
The top most affordable cities in the UK are Derry-Londonderry and Stirling in first place, followed by Newry in Northern Ireland, Bradford in Yorkshire and Humberside and Lancaster in the North West.
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