New Research Reveals Just How Unaffordable London House Prices Really Are

Georgie Hoole Georgie Hoole - EXECUTIVE EDITOR

New Research Reveals Just How Unaffordable London House Prices Really Are

House prices in London are 1534% higher than the city’s average salary.

It seems as though every week we come bearing more bad news about how expensive it is to eat, live and breathe in London – and this week is no different. New research from comparethemarket.com has analysed house prices in some of the UK’s largest cities versus the median salaries in the area. The study revealed that house prices in 30 UK cities cost over 1000% more than the local average annual salary.

We already know that it’s virtually impossible to get on the property ladder in London thanks to this depressing tube map that shows us what we’d need to earn to buy a house in the capital, but comparethemarket.com have helpfully given us some cheaper alternatives. Quite predictably, it turns out the only ladders we’re climbing are north of Staffordshire.

You can bet that London won the award for Most Expensive, with houses costing around 1534% higher than the average London salary. Oxford came in at second place, with prices amounting to 1520% of the average local salary, followed by Brighton & Hove, Woking and Cambridge.

Stoke-on-Trent. It’s not quite St Paul’s and the Shard, but it’ll… do?

If you’re looking for somewhere cheaper to live, may we suggest searching at the other end of the spectrum. House prices in Stoke-on-Trent—birthplace of our angel and rock DJ Robbie Williams—will cost you just 498% of the local salary, while houses in Dundee will only cost you slightly more at 526% of your annual wage. I might pitch Secret Stoke as a new venture for the Secret Media Network, to be honest – at least I won’t have to write all this whiney nonsense anymore.

See the full research here.

Also published on Medium.

Tags: news, property
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