Published: 6 March 2017
Recent statistics has shown UK housing affordability is at its worst level in over a decade. This is seen through property prices increasing by 32% over the last five years alone, with the average wage growing by just 7%.
The average house prices in 2012 were from £169,996 which has seen an increase to approximately £224,926. Oxford has been recorded as the most expensive place to live with house prices averaging at £385,372. This is a staggering 10.7 times larger than the average gross earnings or £36,033, showing the imbalance is more dominant in the South of England.
London has seen its largest price increase over the last five years, with an overall increase of 57%. This has seen house prices outweighing an individual’s gross average earnings by 10.5 times, putting London as the second least affordable housing market. These figures have resulted in no southern cities being featured within the top twenty most affordable locations in the UK. Overall, this shows a divide in the buy to let property market between the north and south of England.