Cambridge: One Of Least Affordable Cities
10 March 2014, 05:41
Cambridge has come ninth in a list of the least affordable cities to live in the UK.
Stirling in Scotland and Londonderry in Northern Ireland were named as the UK's most affordable cities to live in, in the report by Lloyds bank, with house prices in those areas typically costing 3.3 times and 3.6 times local earnings respectively.
The UK's most affordable cities are clustered in Scotland, Northern Ireland and northern England, with Glasgow, Belfast, Lisburn, Bradford, Lancaster and Salford all featuring among the most affordable urban areas to live.
At the other end of the spectrum, Oxford was found to be the least affordable place to live, with people there facing a property price tag which is over 11 times the local wage, followed by Winchester, which has a house price-to-earnings ratio of 9.7.
Truro, Bath and Brighton made up the top five list of ``least affordable'' places to live, while Westminster in central London came in seventh place.
Cambridge was named the ninth least affordable UK city to live in. House prices in the city are thought to be around 7 times the local wage.
York was the only northern city to make the line-up of the UK's least affordable cities, at number 20. A home in York costs nearly six times average wages, while one in nearby cities like Hull and Sheffield would set someone back just over four and-a-half times their earnings.
The average house price in Oxford is £340,864 - which is around two-and-a-half times the price of a typical home in Stirling at £132,734.