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Northern cities have more affordable property markets

Northern cities in the UK offer young professionals a much greater chance of getting on the housing ladder despite lower starting salaries, according to research from independent property firm Knight Frank.

The examination of affordability, which measures house prices to regional average earnings for those aged between 22 and 39, shows how house price to earnings ratios vary across the country. According to the study of 25 cities across the UK, Durham is the most affordable city to buy a home, followed closely by Nottingham and Liverpool. The most affordable city in the south is Hastings, closely followed by Canterbury.

“London holds a lure for graduates and young professionals, as job creation is higher in the Capital than elsewhere. But graduate vacancies are starting to rise across the UK on the back of stronger economic performance,” said Grainne Gilmore, head of UK residential at Knight Frank.

In Scotland, the annual salary for the three cities is higher than the majority of the cities in England, at £27,938. This therefore makes Glasgow an affordable alternative with average house prices at £124,496, ranked at 4.5. However, both Aberdeen and Edinburgh are much less affordable at 7.4 and 7.7.

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