Where are the most affordable cities to live in Scotland?
The report says that with the average price for a city home in Scotland at £159,450, this makes it 5.15 times gross annual average earnings (and 22% below the peak of 6.57 in 2008). Since 2008, the average city house price in Scotland has fallen by 15% (£27,928) from £187,377 in 2008 to £159,450 in 2013.
Stirling appears to be the most affordable city in Scotland with an average property price that is 3.81 times gross average annual earnings in the area. It is followed by Glasgow (4.23). In 2003, Stirling was the second most affordable UK city (3.13) after Bradford (2.88).
The least affordable city in Scotland is Inverness where the average property price is 5.71 times gross average annual earnings in the area.
“There has been a significant improvement in housing affordability in many of Scotland’s major urban areas over the past five years, largely reflecting the general decline in house prices since 2008,” said Nitesh Patel, housing economist at Bank of Scotland. “The average price for a city home in Scotland is significantly below the peak of 2008 and is more affordable than the UK city average. Looking forward, the marked improvement in city affordability is likely to help support demand for those able to raise the necessary funds to enter the housing market.”buying house, real estate
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