New research has shown that Winchester is the least affordable place in the UK to buy a house, and it seems Belfast and Hull are the most affordable. Property search engine and data compiler Adzuna.co.uk. has worked out how affordable an area is by looking at average salaries detailed in 500,000 advertised jobs, and comparing them to property asking prices and typical mortgage multiples across the UK to produce an “Affordability Index”.
According to its research, first-time buyers on average local incomes can only afford 11.7% of the properties in Winchester, while they could buy 91% of homes in Belfast and 89.2% of those in Hull.
Portsmouth is the most affordable Southern city with over 64% of For-Sale properties within budget for local salaries.
Surprisingly London is only the 10th least affordable city to buy property in the UK as average incomes are dragged up by very high earners. However, properties in the capital still cost seven times average income.
Winchester, Chichester and Guildford are the least affordable towns and cities in the UK. A typical home in Winchester now sells for eight times earnings at £439,547. A couple earning an average wage in Winchester can afford over 50% of properties in Southampton (24 miles) and 67% of properties in Portsmouth (30 miles), compared to just 11% in their home town.