Housing affordability is at its most favourable in nearly a decade

2012 has been an extremely good year for homebuyers with the average price of UK homes coming into the reach of more than 59% of the population as per the Adzuna ‘Affordability Index’ that determines affordability by comparing the average earnings to the prices of homes across the country.

In fact the year 2012 has witnessed a 7% increase in this affordability ration with average cost of UK homes being pegged at £282,117. Let’s take a look at the UK cities where buying a home won’t burn a hole in your pocket:

Belfast

Topping the charts this city has almost 90% of the homes within budget simply due to the fact that the average price of homes here stands at around 2.3 times the annual income of people. Belfast has seen some drastic reduction in prices resulting in its rank climbing up from 6th position last year right to the top this year.

Hull

Despite being a high growth city, Hull stands second in the affordability index with an average price of house being a meager 2 times that of the average annual income of people. More than 86 % of the homes in Hull are within affordable limits.

Birmingham

The city of Birmingham has retained its 3rd position in the affordable UK homes list since 2011 with more than 84 % of the homes for sale being within the budget of an average citizen and the price being just 2.5 times the average annual earnings.

Bradford

Bradford provides affordability along with security thus becoming a preferred destination for home buyers from abroad who are searching for flats for sale. It has more than 82% homes within budget and an average price of 2.7 times the gross annual earnings.

Stoke-on-Trent

Ranking 4th in the list UK home prices this city in the heart of England has shown a mild drop in property prices in the last one year with about 82 % of homes being within budget and an average price of around 2.7 times the annual income.

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