Portsmouth ranks No. 1 for affordable house sales in the South
Property data compiler Adzuna.co.uk compared average salaries from 500,000 locally advertised jobs in each area across the UK with advertised property prices and typical mortgage multiples. This resulted in an “Affordability Index”.
In the South, Portsmouth was found to have the greatest number of affordable houses with more than 64% of the local houses for sale being within the scope of local average earners.
According to the research Winchester was the least affordable area in the UK, where first-time buyers on average local salaries would be able to afford a mere 11.7% of the properties for sale.
The affordability list also revealed that Chichester, alongside Guildford and Winchester, was one of the three least affordable areas in the South for average earners and the South of England’s general lack of cheaper properties was blamed on the number of overseas buyers coming into the region and the growing commuter catchment area for London.
Unsurprisingly, areas in the North of England came out as top of the list for affordable house sales with 73% of properties being affordable by average income earners – while in the South that figure is 42%.