A survey published this week has concluded that Bath is the fourth least affordable city to live in across the whole of the UK.
The study, conducted by the Lloyds Banking Group found that many people who live here in Bath have a property which is worth 8.14 times their average income.
It also highlights the high number of letting that happens across the area, as residents don’t always have the upfront money to fund a house in Bath or the very close surrounding areas.
Beaten only by Truro, Oxford and Winchester; Bath is massively different to new developments such as Salford in Manchester which has an earnings ratio of just 3.81 times.
The review comes at a time when the Riverside development has signed up to the New Buy initiative by the Government to encourage buyers to live on the site, with people looking to get onto the property ladder able to put a deposit of just £7000 down.
Susan Young, the Sales and Marketing Director for Crest Nicholson Regeneration, said: “We know that a lot of people, especially young professionals, are renting apartments in central Bath because many mortgage offers have been withdrawn from the market in recent years combined with the fact there has long been a shortage of suitable, high quality properties available.“
She added: “Bath Riverside’s location is a major draw card – it’s just 10 minutes from the city’s shops, restaurants, and entertainment facilities and as the area is developed residents will not only have access to the private communal garden area within the Liberty Gardens phase, they will also have the revitalised riverfront area on their doorstep, including a large riverside park.”
