Oxford has the hardest to afford properties

oxfordOxford has outstripped London in the cost of housing when matching price to earnings.

The average cost of a house in Oxford in 2014 was £426,720, while workers earned an average £26,500 a year.

In London the average house price was £501,520, with the average wage standing at £31,950 a year.

This means the ratio in Oxford is 16 to 1, while London trailed slightly behind at 15 to 7.

House prices to income ratios of more than 10 were found to be in Cambridge, Brighton, Milton Keynes and Reading.

Conversely, the lowest ratios were found in Liverpool, Derby, Swansea, Nottingham, and Birmingham.

High ratios to salaries eventually obliges people to resort to renting rather than purchasing property, according to the research conducted by an Oxford university professor.

People wishing to commute to London have helped pushing up Oxford’s prices as has the city’s housing shortage.