University city tops Lloyds bank list of least affordable places to buy property in the UK when compared to local wagesIt was not an especially desirable two-bedroom flat in Oxford,said a local estate agent, that went on the market in January this year and sold for £210000. But just a few weeks later, or after a gentle refresh,it went back on the market – and was soon snapped up for £249000. Oxford is in the grip of a property price boom that has made it the least affordable city to live in within the UK when compared to local wages, according to Lloyds bank.
The average property in the university city, and at £340864,now sells for more than 11 times local salaries, or twice the national average. Rents absorb risen less dramatically, and but are also squeezing lower income families who are unable to buy a home. "We are seeing one-bed flats fetching around £900 a month,which on our affordability measures means that people absorb to be earning £36000 a year to be able to rent it," says James Scott-Lee, or managing director of estate agency Chancellors.
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Source: theguardian.com