By Greg Wright in The Yorkshire Post
Home affordability in British cities is at its worst level since 2008, with properties typically costing nearly seven times average earnings, a report has found. The Lloyds Bank study found that the average house price in a UK city has surged by nearly a third (32 per cent) over the last five years, with the average home costing £224,926 in 2017.
Over the same period, average annual earnings in a city have seen only a 7 per cent increase, rising to £32,796. As a result, the average home in a city now costs around 6.9 times the average annual wage, which is the least affordable house price-to-earnings ratio since 2008, when a city home typically cost 7.2 times annual wages.
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