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Housing affordability in the UK goes wild...

02 August 17 - RE+D Magazine
Housing affordability in the UK goes wild...

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Antulio Richetta

Director IBI Group
Virtually all first-time buyers in Brighton are being priced out of their own city, with new data revealing that only 2% of properties in the seaside resort are affordable for new buyers.

 

While most would assume that London is the least affordable place for first-time buyers, it's Brighton that takes the dubious title, with average property prices at £352,303 and a minuscule percentage of properties considered affordable.

Bristolians also struggle to get a foot on the property ladder, with only 29% of properties in the region – carrying an average asking price of £268,070 – affordable for FTBs.

The research by Post Office Money, which focused on the affordability of 14 of the UK's largest cities, shows that just 30% of London homes are reasonably priced for new buyers, as they face average asking prices of £534,272.

The affordability of each city was calculated by seeing what proportion of each geographical area had a median house price lower than 4.5 times the average income of first-time buyers in that region.

 

(Source: The Telegraph)

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