Post Office Money have released research looking at the affordability of homes in the 15 biggest UK cities. They considered average house prices and what percentage of homes had a median price less than 4.5 times average first time buyer income in that region.
What is interesting as someone practising on the South Coast is the disparity between Brighton, with 2% of homes being affordable under this metric, and Southampton. 98% of Southampton homes are considered to be affordable, or realistically within the reach of FTBs.
I am sure there are all sorts of reasons for this, and it might not be a sign of a healthy housing market if too many homes are 'affordable'.
One factor, perhaps, is that land in Brighton is very constrained as it sits squashed between the Channel and a major national park, with Southampton being better able to sprawl and having more ex-industrial and other brownfield land to bring forward into other uses.
In other markets, Sheffield remains affordable with 74% of homes within reach of local FTBs, and Manchester can offer 84% of its homes.
The affordability of each city was calculated by seeing what proportion of each geographical area had a median house price lower than 4.5 times the average income of first-time buyers in that region. The most affordable area is Southampton, where the average property price is £199,074 and 98 per cent of properties are accessible to FTBs.