Brighton Named Sixth Least Affordable City
Brighton and Hove has been named as one of the least affordable places to buy a home in the UK.
The city is the 6th least affordable in the UK behind Oxford, London, Winchester, Cambridge and Chichester, according to data from Lloyds Bank.
The last decade has seen Brighton’s house prices increase by more than nearly any other city,.
Only St. Albans, Winchester and Chelmsford have seen greater increases in house prices over the last ten years, the research says.
Lloyds measure home affordability as the ratio between average city house prices and average local earnings.
Home affordability across UK cities is at its worst level since 2008, according to the bank’s Affordable Cities Review.
Over the past five years, the average UK city house price has risen by 32% from £169,966 in 2012 to its highest ever level of £224,926 in 2017.
In comparison, average city annual earnings over the same period have risen by only seven percent to £32,796.
As a result, average affordability in the nation’s cities has worsened with house prices rising as a multiple of average annual earnings from 5.5 in 2012 to 6.9 in 2017.
Affordability in UK cities is, on average, now at its worst level since 2008 when the ratio of average house price to earnings stood at 7.2.
Brighton and Hove City Council turned down a request to comment.