Property prices in cities across England,Scotland and Wales need to fall by an average of 36% to £125,329 to make owning a home affordable for a single person earning an average wage.
Research from Open Property Group found that:
- City of Westminster house prices need to fall by 64% to become affordable and,
- City of London house prices needto fall by 57% to become affordable.
Using average salary and house price data for cities, it revealed that Cambridge is the most overpriced place in England where prices would need to fall by 68% for someone with a 20% deposit earning an average wage to afford to buy.
You can view the infographic below to see the complete 2018 Affordability Index:
