11 Mar

UK city property prices on the rise

UK city property prices on the rise

A new survey shows real estate prices within cities are on the rise across the UK.

Figures from the Lloyds Bank Affordable Cities Review revealed Oxford and Winchester are the least affordable in the country as the economic recovery continues.

Although, affordability in the UK has improved in 51 out of 62 cities over the past five years, there remains a north-south divide when it comes to average house prices.

The average price for a city home in the UK is now £184,215 - 5.8 times gross annual average earnings.

The last 12 months has seen a decline in affordability and there are growing fears estate agents will see fewer enquiries from first-time buyers.

Marc Page, Lloyds Bank mortgages director, said: "The economic and lifestyle benefits often associated with residing in cities are continuing to drive demand, especially in the south of England.

"With city house prices continuing to rise, affordability deteriorated slightly last year," he added.

Recent data from Hometrack shows average prices rose by 0.7 per cent last month - up from 0.3 per cent in January.ADNFCR-1222-ID-801702412-ADNFCR

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