Cities in Northern Ireland are among the most affordable places to live in Britain, according to a new property survey.
Three cities in Northern Ireland dominate the top six rankings of cities where house prices are cheapest when compared to earnings.
Londonderry shared first place with Stirling, Scotland, followed by Newry (third) and Belfast (sixth).
The data from Lloyds Bank compared the prices of homes in UK cities with average earnings.
In Londonderry, a typical home costs 4.4 times annual earnings, compared with a UK average of 7.2 times annual earnings, against an average price of £248,233.
The least affordable city to buy a home is Oxford - where property is priced at an average £460,184 which is 12.6 times average earnings.
The most affordable city in England is Bradford, while Swansea takes the top place for a city in Wales.
Andrew Mason, mortgage products director, Lloyds Bank, said: “Buying a home in UK cities remains challenging, as average house prices are outpacing wage growth. However, the market has seen the number of first-time buyers at a high and homeowners are still attracted to cities across the UK, despite rising costs.
“Over the past five years, more than half of northern cities have made the UK top 10 in house price growth, whereas over a longer period, southern cities dominate.”
Most affordable UK cities (Home values v earnings)
Rank |
UK cities |
Region |
Price to earnings ratio |
1 |
Londonderry |
Northern Ireland |
4.4 |
Stirling |
Scotland |
4.4 |
|
3 |
Newry |
Northern Ireland |
4.5 |
4 |
Bradford |
Yorkshire and Humberside |
4.6 |
5 |
Lancaster |
North West |
4.7 |
6
|
Belfast |
Northern Ireland |
5.0 |
Aberdeen |
Scotland |
5.0 |
|
8 |
Perth |
Scotland |
5.1 |
Hereford |
West Midlands |
5.1 |
|
10 |
Sunderland |
North |
5.2 |
Source: Lloyds Bank