Derry is the second most affordable city ‘in the UK’, new research has revealed.
According to the Lloyds TSB Affordable Cities Review, Derry is runner-up only to Salford, in north west England, in the affordability league.
The average price of property in Derry, reveals the survey, is less than four times (3.87) gross average annual earnings.
In fact, seven out of the eight most affordable cities featured in the survey are located in either Northern Ireland or the north of England.
Meanwhile, the least affordable city in Britain is Truro in Cornwall where the average property price is nearly ten times (9.71) gross average earnings in the area.
The new research also reveals a substantial north-south divide among cities in Northern Ireland and across Britain.
Suren Thiru, housing economist at Lloyds TSB, says: “The improvement in housing affordability within many of our major urban conurbations has been significant during the past few years and reflects the decline in house prices over the period.
“There is, however, a distinct north-south divide to the locations of the most affordable UK cities.
“Looking forward, the marked improvement in city affordability is likely to help support demand for those able to enter the housing market.
“Much of this benefit, however, maybe offset by the continuing difficulties many households face in raising a deposit and uncertainty over the outlook for the UK economy,” she said.
Other key findings in the survey include:
* in 2002, Bradford was the most affordable city (2.73), followed by Hull (2.86) and Durham (3.02). In contrast, Oxford was the least affordable city (8.61).
* 13 of the twenty most affordable cities in 2012 were also among the twenty most affordable in 2002. Seventeen of the twenty least affordable cities were among the twenty least affordable a decade ago.