Lichfield has been named as one of the least affordable places to live in the UK.
It featured in the top 15 of a list compiled by Lloyds Bank – and was top of the pile for places outside the south of England.
The report revealed that the average house price in Lichfield this year is £251,468, nearly seven times the average wage.
Andy Hulme, from Lloyds Bank, said that while the news might not be good for homebuyers, it was a positive sign for the local economy.
“House price rises in the past two years have resulted in a deterioration in home affordability in the majority of UK cities, and generally widening the north/south affordability divide as the market has been strongest in the south.
“The UK’s most successful cities economically have tended to see the strongest property price rises.”
The report also revealed that the average price of a house in Lichfield had jumped from £217,824 in 2005 – a rise of 11 per cent.Oxford was named the least affordable place to live, with house prices 11 times the average earnings in the city, while Stirling was named the most affordable with homes priced at just 3.9 times the average wage.
The only other places on the list outside the south, were York and Leicester.
