Home affordability in cities is at its worst levels since 2008,

Home affordability in cities is at its worst levels since 2008, with properties typically costing nearly seven times earnings, a report has found.
The average house price in a UK city has surged by nearly a third (32%) over the last five years, with the average home costing £224,926 in 2017, Lloyds Bank found.
Over the same period, average annual earnings in a city have seen only a 7% increase, rising to £32,796.
As a result, the average home in a city now costs around 6.9 times the average annual wage – the least affordable house price-to-earnings ratio since 2008, when a city home typically cost 7.2 times annual wages.

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