Swansea named as one of the most affordable places to buy a home in the UK

SWANSEA has been named the third most affordable place to buy a house in the UK.

This is according to research by an Oxford University professor.

Swansea sits behind Liverpool and Derby in the study of most affordable locations, with Nottingham and Birmingham bringing up the rear.

In contrast, Oxford is listed as the least affordable place to buy a house, followed by London, Cambridge, Brighton and Reading.

The research considered property prices compared with average earnings

It found that house prices in Oxford were 16.1 times the local average income, compared with 15.7 times in London.

In Swansea, prices were 6.7 times average earnings, making buying property in the city far more realistic.

Danny Dorling, who carried out the research, said: “Compared with earlier decades, house prices across the UK are extremely high when compared with the average take-home pay.
“‘Fewer and fewer people are able to get a mortgage.”

He also warned that at least a third of those with mortgages would struggle if interest rates were to rise by “even a couple of percentage points”.

“The further that house prices rise, the greater that proportion will grow, leaving a growing proportion of people with no option but to rent.”

LEAST AFFORDABLE CITIES:

The city is followed by the figure for how many times greater property prices are than average earnings.

Oxford: 16.1
London: 15.7
Cambridge: 14.8
Brighton: 12.2
Reading: 10.1

MOST AFFORDABLE CITIES:
Liverpool: 5.8
Derby: 6.2
Swansea: 6.7
Nottingham: 6.8
Birmingham: 7.3