Phil Spencer reveals how you can add value to your property
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Buying a property is a costly investment at the best of times, but currently, the demand for homes has driven house prices across the country to astronomical levels. However, there are some parts of the UK where the expense of owning a home hits even harder.
Based on the average house prices in different parts of the country, combined with the average salary for each location, Halifax was able to determine which places were the most and least expensive to own a home.
Though London remains a big hitter when it comes to property, surprisingly, it does not top the list.
The research shows that, while city house prices rose up to £287,440, a rise of 10.3 percent, wages in the same locations only rose by 2.1 percent to £35,677.
As a result, the average home in a UK city now costs 8.1 times average earnings, according to Halifax.
Where are the top 10 most expensive places to live in the UK?
- Brighton and Hove
- St Albans
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Winchester moved to become the UK’s least affordable city to buy a home in, replacing the previous table-topper Oxford.
Homes in the cathedral city are now 14 times the average annual earnings of those living there.
A home in Winchester will now set buyers back an average £630,432, up eight percent on 2020, while average earnings – though notably higher than for the UK as a whole – are £45,059.
Oxford has moved to second place with average house prices rising to £486,928, up by two percent.
According to the data, the average salary in the historical city is £39,220.
In Truro, the average house price comes in at £356,788, while earnings sit at £29,558.
In fourth place is the city of Bath.
Here, homeowners can expect to fork out an average of £476,470 while average earnings are approximately £39,508.
Located in West Sussex, Chichester takes fifth place. House prices here cost an average of £446,899, while the average annual salary is £37,352.
In sixth place is Cambridge, where the average house price is £482,300, but earnings are slightly higher on average at £40,492.
Brighton and Hove attracts plenty of Britons due to its dreamy coastal location, but it is the seventh most expensive place to buy a property.
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House prices are roughly £449,243, while average earnings are just £38,737.
The capital sits rather low on the top 10 list of most expensive places to buy a home, in eighth place.
The average house price in London is a whopping £564,695, but average wages are also notably higher – approximately £51,257.
Commuter hubs St Albans and Chelmsford finish up the list.
In St Albans, the average house price is £604,423, while the average wage is £59,391.
Chelmsford offers slightly cheaper homes, with the average house price approximately £424,690 and earnings sitting at £41,781 per annum.
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