Where is the least affordable place to buy a home in the UK? London, right?
Wrong. It turns out that Winchester in Hampshire is the least affordable place in which to buy a property.
New research from lender Halifax has identified the ancient City as the least affordable, with the cost of buying a home there equivalent to 14 times the average salary.
By comparison, it costs 11 times the average salary to buy a home in Greater London.
Looking at the UK as a whole, it costs 8.1 times average earnings to buy a home, with a great deal of regional variation for this affordability measure.
A decade ago, it cost an average of 5.6 times earnings to get on the property ladder.
Winchester has claimed the title of least affordable place to buy a home this year, knocking Oxford off the top spot as house prices continue to rise faster than wages across the country.
Londonderry in Northern Ireland is still the most affordable home-buying location for the third consecutive year at the other end of the spectrum. Homebuyers in Londonderry can purchase property for 4.7 times average earnings.
According to data from Halifax, average house prices have risen by 10.3% in UK cities during the past year.
However, official data shows average earnings for people living and working in cities rose by just 2.1%.
It means that the average house price in cities is now £287,440, with average earnings in cities standing at £35,677 a year.
Despite the cost of housing outstripping average earnings, it appears that housing in cities is more affordable than the UK average. One consequence of the pandemic is that more people are moving out of cities and into rural areas, influencing house prices accordingly.
Along with Winchester, the least affordable cities in the UK are Oxford, Truro, Bath and Chichester.
The most affordable cities to buy a home, along with Londonderry, are Carlisle, Bradford, Stirling and Aberdeen.