Derry has topped the ranking of most affordable cities to live in within the UK.
The research followed the difference in rising house costs against average earnings.
Over the past year, the average house price of UK cities has grown by 10.3%, while average earnings for those living and working in cities rose just 2.1%.
As a result, the average home in a UK city now costs 8.1 times average earnings, according to Halifax, the UK’s biggest mortgage lender.
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Halifax’s analysis of average house prices and earnings, in the 12 months to June 2021, has identified the most and least affordable of 61 UK cities.
The research shows that, while city house prices rose to £287,440, up 10.3%, wages in the same locations only rose by 2.1% to £35,677.
This increased gap between house prices and earnings has lifted the Price to Earnings ratio to 8.1, from 7.5 in 2020, meaning buying a city home has become less affordable for those that live and work in them.
This widening of the gap over the last 12 months may reflect home-movers looking for more space to accommodate homeworking during the pandemic.
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Derry retains its position as the UK’s most affordable city for the third year in a row, with a Price to Earnings ratio of 4.7.
A 13% increase in average earnings last year saw Carlisle join Bradford in second place, both 4.8, ahead of Stirling, Aberdeen, and Glasgow, all with a PE ratio of 5.4.
Of the most affordable cities, all have average house prices below that for all UK cities (£287,440), except for Hereford who benefited from a boost in average earnings.
Winchester has become the UK’s least affordable city, replacing previous table-topper Oxford, with homes now 14 times annual earnings for those living and working in the city.
Those that are able to work in Derry, with a rising push on working from home within the Northwest, can benefit from the affordability of house prices in the city.
For more Derry news, visit our new site MyDerry.
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