Chichester named least affordable city in Britain to buy a home
Chichester has been named the least affordable city in Britain to buy a home, placing last in a ranking by Liberty Home Products.
The capital of West Sussex placed last in a list of 66 UK cities, ranked from most to least affordable by US home improvement company Liberty Home Products.
The study compared average home prices with average annual income to calculate a price-to-income ratio. A lower ratio means the average property costs fewer years of average annual earnings.
While Chichester’s average home price is £432,000, its average annual income is around £35,000 – creating a price-to-income ratio of 12.25.
Compared with the most affordable UK city, Aberdeen, which has a price-to-income ratio of 3.27, there is a stark difference.
According to Liberty Home Products, the top affordable cities that follow after Aberdeen are Carlisle, Dundee City, Kingston upon Hull, Sunderland, Stoke-on-Trent, Doncaster, Preston, Liverpool and Glasgow City.
At the bottom of the list are Canterbury, Tunbridge Wells, Bath, Winchester, Brighton, Cambridge, Oxford, St Albans, London – and, of course, Chichester.