It has been revealed that Oxford has one of the highest rent-to-salary ratios in the UK.

Despite this, Oxford boasted one of the highest life satisfaction scores nationwide.

As of April 2024, the average monthly rent in the UK was £1,226 (including London, according to Zoopla).

This means that full-time workers in the UK, earning an average of £34,963 per year, spend around 42 per cent of their monthly earnings on rent.

How much is the average property to buy in the UK?

The average UK property now costs £281,000 (as of April 2024), which is eight times the average UK salary of £34,963.

UK towns and cities that have the highest rent-to-salary ratio:

  • London (47% of the average salary is spent on rent)
  • Brighton and Hove (45%)
  • Oxford (45%)
  • Bristol (44%)
  • Edinburgh (42%)

The majority of UK towns and cities with the most affordable housing to rent or buy (comparative to average salaries) are located in the north of England, with Blackburn and Stockton-on-Tees topping the Ciphr list for 2024.

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Oxford is a happy place to be though

The UK towns and cities where residents reported the highest life satisfaction scores are:

  • St Albans: 7.97 out of 10
  • Maidstone: 7.92 out of 10
  • Oxford: 7.8 out of 10
  • Colchester: 7.78 out of 10
  • Sevenoaks: 7.73 out of 10
  • Winchester: 7.72 out of 10
  • Edinburgh: 7.69 out of 10
  • Stratford-on-Avon: 7.68 out of 10
  • Lancaster: 7.63 out of 10
  • Ipswich: 7.62 out of 10

Other towns and cities that are among the most affordable for buying or renting property in the UK are Preston, Wigan, Hull, Doncaster, Rotherham, and Middlesbrough.