14
Feb
2019

Cities in Northern Ireland have among the most affordable homes

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

Newsletter

Sign up for our newsletter to receive up-to-date information on Tenancy Deposit Protection from my|deposits