Milton Keynes homebuyers face prices almost eight times local annual income

Homebuyers in Milton Keynes face average property prices worth almost eight times local annual earnings, according to new research.

placeholder image — Milton Keynes homebuyers face prices almost eight times local annual income | Source: Unsplash

A ranking by Liberty Home Products compared average house prices and annual income across 66 UK cities and areas to reveal where homes are most affordable relative to local salaries.

Milton Keynes ranks 51st overall, with an average home price of £330,000 and annual income of £41,389.

This gives the city an average house price-to-income ratio of 7.97, meaning the typical property costs nearly eight times local annual earnings.

Milton Keynes is less affordable than several other locations in the region.

Peterborough ranks 38th, with an average home price of £235,000 and annual income of £35,196, giving it a ratio of 6.68.

Further south, however, buyers face an even wider gap between prices and earnings.

Cambridge ranks 62nd with a ratio of 10.86, while Oxford places 63rd at 10.90.

London ranks 65th, with an average home price of £550,000 compared with annual earnings of £46,414, producing a ratio of 11.85.

At the top of the national ranking, Aberdeen City is the most affordable location, with an average home price of £131,000 and annual income of £40,020, giving it a ratio of just 3.27.

Carlisle ranks second at 4.03, followed by Dundee City at 4.22 and Kingston upon Hull at 4.33.