House prices in at least 30 UK cities are over 1,000% higher than average annual salaries, new research has revealed.
The research, conducted by Compare The Market, comprised cities with a minimum population of 100,000 people. All house prices were taken from the 2019 UK Land Registry data.
Unsurprisingly, London was deemed to be the most expensive city to buy a house based on area salary, costing 1,534% of the median salary.
Oxford, costing 1,520% of thee median salary to live in, came in second, followed by Brighton & Hove (1,495%), Woking (1,418%) and Cambridge, East (1,418%).
The most affordable place to buy a house based on area salary was Stoke-on-Trent, costing just 498% of the median salary. Following closely behind are Dundee (526%), Sunderland (553%), St Helens (567%) and Blackburn (571%).
Affordable Housing
Affordable housing is a significant concern within the homebuilding industry. Earlier this year a report revealed delivery of affordable housing has stagnated over the last 10 years, and following their landslide General Election 2019 victory the Conservative Party will now resume its bid to deliver 300,000 new homes per year.
One of the most eye-opening findings from the Compare The Market report was that a person could potentially buy three houses in Blackpool (where the cheapest average house price is £103,889) for less than the cost of one house in London (where the average price is £464,998.
Self build and custom build homes, meanwhile, can provide a variety of cost benefits. Not only do self builders typically gain a profit of 25% on their investment, as reported in the Homebuilding & Renovating Self & Custom Build Market Report 2017, they can also build their own home on a tight budget.
(MORE: How to build a house for £150k)