Norwich revealed as one of the least affordable cities in the UK
- Credit: Archant
Norwich has been found to be one of the least affordable cities to live in in the UK in 2021, according to Halifax.
Norwich came 14th on the list of least affordable cities, with homes on average being 9.4 times the average earnings. Homes, on average, have a price of £306,946, whilst the average salary is £32,632.
Halifax's analysis revealed that buying a home in the UK will cost buyers, on average, eight times their average earnings. A price-to-earnings ratio was used, followed by the average house prices, and average annual earnings.
For comparison, the least affordable city in the UK is Winchester, Hampshire, where the average house price is 14 times the average wage, wages are around £45,000 with homes around £630,000. The most affordable city in the UK is Londonderry, Northern Ireland, with house prices being only 4.7 times the average wage, wages are around £33,000 with homes around £155,000.