Anyone about to buy an urban property has picked the right time to do it, with housing affordability for city dwellers supposedly at its most favourable in nearly a decade, according to a report.
The average price for a city home in the UK of £173,202 is 5.5 times gross annual average earnings for full time employees, the lowest ratio since 2003, according to the Lloyds TSB Affordable Cities Review.
Disgruntled BBC staff who have recently had to relocate to Salford in line with the corporation's move may be partially appeased by the news that the city is now the most affordable in the UK, according to the Lloyds' data. There, the average property price is £102,391, less than four times (3.8) gross average annual earnings. This partly reflects a 32% fall in house prices in this part of Greater Manchester since 2008.
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