Southampton named one of the most expensive cities to live in

SOUTHAMPTON, Winchester, and Chichester have all been named in the top 10 least affordable place to live in the UK.

The gap between house prices in Britain’s major cities and average salaries is at its largest since the financial crisis, new research has been revealed.

Southampton is the 8th least affordable place to live in the UK.
Southampton is the 8th least affordable place to live in the UK.

Southampton has been listed as 8th out of the top 10 list, with the average house price within UK cities rising from £180,548 in 2013 to its highest ever level of £248,233 in 2018.

Lloyds Bank has highlighted the extent of how challenging it has become to afford a home in some parts of the country.

The research also pinpointed the places in the UK where it is particularly difficult for local people to afford a home and those where that is more achievable. This is because the house price to average annual earnings is up from 5.8 in 2013 to 7.2 in 2018.

Andrew Mason, mortgage products director, Lloyds Bank, said: “Buying a home in UK cities remains challenging, as average house prices are outpacing wage growth”.

The average city house prices are now nearly seven times annual earnings.
The average city house prices are now nearly seven times annual earnings.

Top of the list which has been published by Lloyds Bank is Oxford where the average house price stands at £460,184 – 12.6 times the annual gross average salary in the city.

As recently as the 1990’s, house prices to ratio earnings was as little as two% above the average. It is now three times that almost 30 years on.

The public of Southampton have their say about the city being in the top 10 list of the least affordable places to live:

Chloe Pitman (@chloejournalism), Luke Henry (@Luke_Henry1), Noor Al-Ajeely (n_ajeely), Josh Blay (@josh_blay_journ)