A new survey finds that London residents, on the average salary of £51,662, would need 3,416 years to afford high-end properties averaging £49 million. Away from London, the sleepy town of Poole ranks second, with locals needing 781 years to purchase luxury homes at £7.3 million.
In contrast, the midlands area of West Bromwich has emerged as most affordable, with residents requiring just 56 years to buy top-end properties.
With many residents feeling the financial squeeze and the cost of living skyrockets buying a high-end property remains out of reach for the average person. Most UK residents would need multiple lifetimes to afford the most exclusive homes, with Londoners requiring over 3,400 years of annual pay to purchase luxury properties, according to a new study.
The research, conducted by mortgage broker Clifton Private Finance and shared with Digital Journal, calculated how long residents would need to save to afford the most expensive properties in 80 UK cities. Figures indicate an enormous disconnect between average local wages and high-end property prices across the country.
The cities where residents need the longest time to afford high-end properties
| Rank | City | Average Annual Pay | Average High-End Property Price | Years to Afford |
| 1. | London | £51,662 | £49,416,944 | 3,416 |
| 2. | Poole | £33,516 | £7,330,586 | 781 |
| 3. | Oxford | £41,951 | £4,048,659 | 345 |
| 4. | Cardiff | £34,688 | £3,272,440 | 337 |
| 5. | Leeds | £35,838 | £3,172,640 | 316 |
| 6. | Liverpool | £34,172 | £2,897,362 | 303 |
| 7. | Brighton | £38,248 | £3,239,708 | 303 |
| 8. | Nottingham | £28,213 | £2,313,036 | 293 |
| 9. | Birmingham | £33,076 | £2,563,846 | 277 |
| 10. | Cheltenham | £41,365 | £3,190,228 | 275 |
From the table, London leads the list with residents needing 3,416 years to afford high-end properties averaging £49,416,944. Calculations assume spending 28% of the average annual wage of £51,662 on property payments. No other city comes close to the capital’s extreme gap between earnings and luxury property prices.
Poole emerged as the second most expensive city, with locals needing 781 years to purchase luxury properties with an average price of £7,330,586. The coastal Dorset town, popular with both domestic and international buyers, requires more than double the saving time of Oxford, which ranks third at 345 years.
Oxford ranks third in the UK for the longest time it would take a local resident to afford a high-end property, with an average wait of 345 years. Despite boasting one of the higher average annual salaries at £41,951, luxury homes in the historic university city command prices around £4,048,659. The figures show that even in relatively affluent areas, premium property remains firmly out of reach for most residents.
Cardiff’s high-end market shows Welsh luxury properties increasingly out of reach for locals, with residents needing 337 years to afford exclusive homes. Leeds completes the top five with locals needing 316 years to buy premium properties averaging £3,172,640, despite the city’s average annual wage of £35,838.
West Bromwich emerged as the UK city where locals would need the shortest time to afford high-end properties. Residents there would still require 56 years based on 28% of the average annual pay of £30,483. The typical high-end property in West Bromwich costs £475,914, nearly 100 times less than London’s average.
Even in cities where high-end property is more ‘affordable’ in terms of time needed, this is till measured in terms of multiple lifetimes of saving.
