Oxford ranked the 'most unaffordable city in the UK'
London's higher annual wage pushed the capital into second place.
Oxford maintains its title of the least affordable place to live in the UK, as an annual report found the average house price is 13 times higher than the average yearly wage.
Despite having the 9th highest average weekly and yearly earnings, at £777 and £42,000 respectively, the report detailed that in spite of these high earnings, the average housing cost of £571,300, ranked as the least affordable in the country.
Whilst London has higher house prices at £656,400, it’s average yearly wage is also higher (£53,400), meaning it ranks as the second least affordable in the report developed by the independent urban research charity, Centre for Cities.
Councillor Susan Brown, Leader of Oxford City Council, said: ‘While we welcome the city’s position and higher average wages, we acknowledge there are still affordability challenges.
‘For years, we’ve been campaigning to push up pay through the Oxford Living Wage to ensure that workers can better meet their living costs in such an expensive area. However, the report finds that Oxford remains the most unaffordable city in the UK.’
First introduced in 2008, the Oxford Living Wage is now 95% of the London Living Wage, and has been designed to provide liveable earnings in Oxford. From April 2025, the rate will be £13.16 an hour.
Councillor Brown added: ‘We know tackling this requires more than just higher wages. That’s why we are also building more affordable homes, addressing housing costs, and supporting an inclusive economy where everyone has access to opportunities.’
Last year Chancellor of the Exchequer, Rachel Reeves, allocated a £500m boost to the Affordable Homes Programme which supplies grants to support the development of affordable housing in England.
Developed by the independent urban research charity, Centre for Cities, the same report also found that Oxford has the largest percentage of people with ‘high-level qualifications’ at 74.3%. Additionally, with Oxford wages ranking as the 9th highest, Councillor Brown recognised ‘the success of the city’s cutting-edge industries, like biotech and AI, which contribute significantly to the local and national economy.’