Derry is 2nd most affordable UK city to buy a house

New research has revealed that Londonderry in Northern Ireland is the second most affordable city in the UK to purchase a house, taking into account house prices compared to salaries. The most affordable city in the whole of the UK was said to be Salford, in north west England.

The Lloyds TSB Affordable Cities Review shows that the average property in Derry is priced at 3.87 times the gross average annual earnings. Across the UK, the average city property costs £173,202 - 5.5 times more than the gross annual average earnings. Belfast was also in among the top 7 most affordable cities to purchase a property. The least affordable city in the UK to purchase is Truro, where properties average at £250,489 - 10 times the gross average earnings in the area.

The measure of affordability has largely increased across the UK as a result of house price decline, and no region in the UK has seen a faster drop in house values than Northern Ireland, explaining in large part why Londonderry and Belfast both appear among the most affordable cities to buy a house.

If you are buying a property in Northern Ireland, or selling or remortgaging your existing home, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt solicitors in Belfast by calling 0800 840 9290.

 

 

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