London might be a city where billionaire’s buy $26 million personal parking garages, where apartment buildings offer amenities like snow cabins and jungle showers and where you can grab a bottle of $60 iceberg water to quench your thirst — but it turns out it’s not even the most unaffordable place to live in the UK (although we suspect it’s still the most expensive all round).
The city of Oxford, famous for its top-notch university, is now the holder of that dubious honor.
Lloyds Bank’s annual affordability analysis, which compares average city house prices with the average local earnings, revealed that the average cost of a house in the city is roughly £385,000 ($478,000) which is 10.7 times the average yearly earnings of £36,033.
The Greater London area, naturally, remains almost as unaffordable with average house prices being 10.5 times the average yearly earnings. According to the analysis, the London average disguises variations across the capital with central neighborhoods being far more unaffordable.