Halifax found that prices in UK cities have grown by 10.3% over the last year, while average earnings rose by 2.1%.
This has resulted in properties becoming less affordable. The average house price in a UK city is now 8.1 times the average annual earnings of someone living there.
Halifax also looked at which U.K. cities had seen the biggest house price growth over the last 10 years. Gloucester, in the southwest of England, had seen the biggest growth, with the average house price jumping 101% to £287,600 in 2021 from £143,365 in 2011.
Greater London house prices saw the second biggest growth over the last decade, climbing 98% to £564,695 in 2021 from 284,940 in 2011.
The average house price in the U.K. cities had grown by 71% since 2011, to £287,440 in 2021 from £168,443.
