calculator rental yields

Lloyds release latest affordable cities index

Lloyds Bank has published its rundown of the most affordable cities in the UK, and it’s a list dominated by the north of England, Scotland, Wales and Northern Ireland.

Stirling tops the rankings for the sixth consecutive year, and the Scottish city between Edinburgh and Glasgow ties for the lowest average house price to earnings ratio of 4.4 with Londonderry.

A ratio of 4.6 makes Bradford the most affordable city in England, just ahead of Lancaster. Swansea, at 5.2, is the top return for Wales, and linking these three is the substantial presence of students in each.

Liverpool also fares well in the Lloyds report. It has an affordability rating of 5.4, which befits a city seen as one of the best buy-to-let markets around yet where house prices have been on the rise. There are exciting new developments by the Mersey, with Liverpool Waters set to add 9,000 residential units and leisure and retail opportunities. Everton FC are also eyeing a move to Bramley-Moore Dock, close to the Liverpool Waters development currently under construction.

Andrew Mason, mortgage products director, Lloyds Bank, said: “Buying a home in UK cities remains challenging, as average house prices are outpacing wage growth.

“However, the market has seen the number of first-time buyers at a high, and home owners are still attracted to cities across the UK, in spite of rising costs.”

“Over the past five years, more than half of northern cities have made the UK top 10 in house price growth, whereas over a longer period, southern cities dominate.”

At the other end if the scale, Oxford comes in at the head of the least affordable index. House prices in the university city outstrip average local earnings by 12 times, and a 10-year analysis of price rises reveals they have gone up by nearly 60% since 2008.

Leading the way in house price growth over the decade is Winchester, where homes have nearly doubled in price – by 93% – to an average of £542,000.

UK cities Price to earnings ratio
Londonderry 4.4
Stirling 4.4
Newry 4.5
Bradford 4.5
Lancaster 4.6
Belfast 5
Aberdeen 5
Perth 5.1
Hereford 5.1
Sunderland 5.2
Carlisle 5.3
Liverpool 5.4
Dundee 5.4
Swansea 5.5
Glasgow 5.5
Stoke on Trent 5.5
Durham 5.5
Hull 5.6
Inverness 5.8
Derby 5.9

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:


Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment


Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:


+44 (0) 333 123 0320

Open from 9am-6pm GMT


+852 6699 9008

Open from 9am-6pm HKT