In 2020, property prices in cities across England, Scotland and Wales need to fall by an average of 37 per cent to 125,400 GBP to make owning a home affordable for a single person earning an average wage.
For the second year running, the only place that is affordable for a single person with an average salary for that city and a mortgage of 3.5 times salary is Durham according to research from Open Property Group.
Using average salary and house price data for cities, it can reveal Oxford is the most overpriced place in England where prices would need to fall by 70 per cent for someone with a 20 per cent deposit earning an average wage to afford to buy.
It was closely followed by the City of Westminster, where a drop of 69 per cent would be needed and Cambridge, which would require a drop of 67 per cent.
At the other end of the country house prices in Durham could rise by 16 per cent and still be affordable for someone on an...