Oxford tops list of least affordable cities in the UK – The Independent
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Oxford has beaten London to the top spot in a list of the 10 least affordable cities in the UK, partly because of its appeal to commuters working in London.
House prices in Oxford are almost 11 times average annual earnings in the city, at £364,429 on average.
London came third on the list after Winchester, with Cambridge and Bath also making up the top five. Researchers said that the London average was brough down by prices in outer boroughs, which disguise the extremely high prices of the centre.
Home affordability, measured by Lloyds Bank as the ratio between the average house price and gross local earnings, is at its worst level in eight years. The affordability of a house has now dropped to levels not seen since the ratio rose to 7.2 at the height of the last housing boom.
House prices have risen 8 per cent on average from £196,229 in 2015 to £211,880 in 2016. That average is now 6.6 times the average salary, compared to 6.2 times in 2015.
“House price rises in the past three years have risen more steeply than average wage growth, making it more expensive to buy a home in the majority of UK cities,” said Andrew Mason, Lloyds Bank mortgage products director.
Outrageous property deals in pictures
Margaret Thatcher’s Belgravia home is up for sale for £30m
Margaret Thatcher’s six-floor townhouse in Belgravia is on the market for a cool £30 million.
The Grade II listed building on No. 73 Chester Square, one of London’s most prestigious addresses, now boasts a lift, a newly constructed mews house with a roof terrace and a private garage after a three-year refurbishment by Leconfield, a development and construction company.
Some features from Thatcher’s time at the property remain. The layout and design of the formal dining room and interlinking study on the ground floor has been reinstated exactly as the Iron Lady had it during her 22 years at the property, from 1991 until her death in 2013.
Tiny London house that is just 10ft wide goes on market for £800,000
A tiny terraced house that measures no more than 10ft wide has gone on the market in south London for a staggering £800,000.
The house, generally labelled “unique” by estate agent Foxtons, looks all the more unusual because it is sandwiched between two regular-sized homes.
It doesn’t even have a proper back door – images of the interior suggested renovators had sought to maximise the property’s space by including a folding aperture to the similarly narrow back garden.
The Mayfair penthouse that sold for £30 million (December 2015)
A Mayfair penthouse on Albemarle Street, one of Mayfair’s oldest roads, sold to a mystery buyer for £30 million in December.
The 5,845 sq ft, three-bedroom family home is thought to be one of the most expensive properties sold in the capital this year, and comes with an annual service charge of £61,000.
supplied by Estate agent Peter Wetherell
The dilapidated pre-fab ‘shed’ sold for nearly £1 million (November 2015)
A pre-fabricated bungalow in south-east London has sold at auction for just under £1 million.
The 1950s property in Peckham comes with 0.6 acres of land, is in need of renovation and has no fitted bathroom, but still sold for £950,000.
A guide price of £590,000 was initially set, but increased rapidly during the bidding.
The starter home flats that went for a combined £60 million (November 2015)
Some 215 “affordable” starter homes, specifically designed for first time buyers, sold out in just three hours in November, after dozens of aspiring homeowners camped overnight and queued in bad weather to get their hands on the flats.
The starter home flats at Trinity Square by Galliard Homes went for a combined £60 million, or an average of £700 per sq ft.
Londoners looking for affordable housing did not hesitate to camp out for up to two days to snag a flat, despite the fact that the project will not be complete for another two years.
The longest lateral flat where H.G wells hosted a book club: yours for £3.65m (November 2015)
The 2,200 square foot apartment in Chiltern Court in Marylebone was also home to author Arnold Bennett and political cartoonist David Low.
Now on the market for £3.65 million through Rokstone agency, the four-bedroom flat has been refurbished into a luxury apartment, providing an exceptional 40 meter window frontage and depth. It claims to be the longest and most outstanding lateral flat – ones that stretch the full width of a building, or sometimes across two buildings – currently for sale in London’s West End.
Gatti House: the flats with celebrity links and private “pizza” lift that sold for a collective £16.5 million (October 2015)
Celebrity links, a famous history and a private “pizza lift” has helped set a new record for price per square foot for a block of flats in central London.
The four flats have sold for a collective £16.5 million at Gatti House on London’s Strand.
Gatti House, a magnificent grade II building built in 1867, was sold as four separate apartments priced from £2.95 million to £5.95 million by CBRE Residential and Beauchamp, which has completed the last remaining sale.
CBRE Residential and Beauchamp
London’s most expensive office (October 2015)
A newly refurbished office in the heart of Mayfair measuring 6,000 sq ft was unveiled by Enstar Capital in October.
At £500 per sq ft, it is set to be the most expensive commercial fit out ever undertaken in the West End, according to the developer.
The workspace on 54 Brooks Mews features gold-plated executive washrooms inspired by Armani-hotel in Italy, timber flooring imported from a 16th century monastery in Tuscany and an Art Deco entrance restored with a new “54” entrance logo replicating Steve Rubell’s famous “studio 54” nightclub logo from the seventies. While the director’s floor include a rooftop terrace dressed with loungers and an outside meeting and dining table
Former garage in Mayfair become world’s most expensive mews house at £24m in Mayfair (September 2015)
In September, the world’s most expensive mews house, in Reevews Mews, sold to a Qatari buyer for an eye-watering £24 million.
A penthouse where you canoe from your front door, yours for £16.95 million (September 2015)
London luxury dockside complex located on Chelsea creek is due for completion by the end of 2016.
But its luxury flats are already on sale including this penthouse yours for £16.95 million.
It’s future residents will be able to slip down the river for a work out on the water at anytime of the day.
The only property in London too expensive for the city’s super-rich property buyers (July 2015)
A 45 bed-room mansion near Hyde Park, previously owned by a Saudi Prince, received a private bid for £280 million.
If accepted this would have made the property he most expensive single home ever to be sold in Britain.
It was originally listed with an asking price of £300 million –more than double the price of the UK’s second most expensive home
Londonderry was named as the UK’s most affordable city. House prices in Norther Ireland are on average 3.8 times salary, with the average house price now £113,302. Northern Ireland cities Belfast and Lisburn are the 4th and 6th most affordable cities respectively as a result.
Northern English and Scottish cities make up the remainder of the top 10 most affordable cities. Mason said the North-South divide had widened because of the latest results.
“House prices in the South have generally seen stronger growth than in the North. Winchester has recorded the biggest gains over the past decade, whilst London, not surprisingly, has seen the largest growth during the economic recovery of the last five years,” he said.
The 15 least affordable cities in the UK
1. Oxford: house prices are 10.68 times the average salary
2. Winchester: 10.54
3. Greater London: 10.06
4. Cambridge: 9.90
5. Bath: 9.77
6. Brighton And Hove: 9.60
7. Truro: 9.11
8. St Albans: 8.66
9. Chichester: 8.58
10, Exeter: 8.36
11. Southampton: 8.33
12. Salisbury: 8.12
13. Bristol: 7.80
14: Lichfield: 7.53
15. York: 7.50
The 15 most affordable cities in the UK
1. Londonderry: 3.81
2. Stirling: 4.11
3. Bradford: 4.31
4. Belfast: 4.42
5. Hereford: 4.55
6. Lisburn: 4.64
7. Durham: 4.73
8. Lancaster: 4.89
9. Carlisle: 5.03
10. Glasgow: 5.07
11. Hull: 5.11
12. Liverpool: 5.23
13. Perth: 5.24
14. Sunderland: 5.28
15. Swansea: 5.28
Oxford tops list of least affordable cities in the UK – The Independent