Home Affordability in British Cities at ‘Worst Level Since 2008’

February 28, 2017

The costs associated with buying a home in cities around the UK are the least affordable they have been in almost a decade.

That’s according to new figures from Lloyds Bank which show that average house price increases are dramatically outpacing rises in typically earning levels in cities nationwide.

In fact, the numbers suggest that while the average cost of a house in a UK city has risen by 32 per cent since 2012, the average annual salary of a British city dweller has only increased by 7 per cent during that same timeframe.

Perhaps unsurprisingly, the figures are particularly striking in Greater London, where the average cost of a house apparently increased by as much as 57 per cent between 2012 and 2017.

However, Oxford topped the Lloyds Bank list of the most unaffordable cities in the UK, with the typical cost of a property there reportedly worth as much as 11 times as much as the average resident’s annual salary.

Meanwhile, the most affordable city in the country was found to be Stirling in central Scotland, where the average house price was only 3.7 times higher than the average resident’s annual salary.

Glasgow also made the bank’s list of the top 10 most affordable cities in the UK, with average house prices there apparently worth roughly 5.2 times as much as the typical annual earnings level.

Stirling is one of the newest cities in Scotland, having only been granted official city status by the Queen as part of her Golden Jubilee celebrations in 2002.

Reflecting on his organisation’s latest findings about affordability in British cities, Andrew Mason from Lloyds Bank said: “City living is becoming increasingly expensive with average house prices at least 10 times average annual earnings in five of the UK’s cities.”

“Affordability levels have worsened for four consecutive years as average city house prices continue to rise more steeply than average wage growth,” he added.

If you live anywhere in Scotland and are finding it difficult to manage your finances or cope with your personal debts then Scotland Debt Solutions can help. You can contact any of our offices directly to arrange a free and confidential consultation.



John Baird

Insolvency Adviser

Tel: 0800 063 9250

Why Choose Us?

  • Speak direct with a qualified adviser
  • We do not operate call centres
  • 5 Offices in Scotland - National Coverage
  • Home visits also available
  • Fully regulated advisers and Reputable Firm
  • Helping Scots Get Out of Debt Since 1989
Our Insolvency Practitioners
are regulated by ICAS or IPA

5 Regional Scottish Offices

Home Visits also Available

Contact Form -

Can we leave a message?
Yes No 
  • captcha

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our PRIVACY POLICY