Westminster tops list of least affordable UK cities for homebuyers
A new report from Everest Mortgages shows residents in Westminster would need to more than triple their salary to afford an average home, as English cities dominate the UK's least affordable property markets.
Affordability gap widens despite slower price growth
Westminster has been named the most unaffordable place in the UK for local homebuyers, according to a September 2026 study by mortgage broker Everest Mortgages. The research found that despite UK-wide house price growth slowing to around 2% annually, the gap between local earnings and the salaries needed to secure a mortgage remains stark in many cities.
The study examined more than 75 UK cities, comparing average house prices with local median full-time salaries. Everest Mortgages calculated the income required to buy a home by taking the average house price minus a 15% deposit, then applying a standard mortgage lending multiple of 4.5 times salary. This target income was then measured against actual local earnings to reveal the affordability shortfall in each area.
Westminster leads a list dominated by England
In Westminster, the average home costs £854,198, while the local median full-time salary is £52,610. To meet standard mortgage lending criteria, a resident would need to earn £161,349 a year, more than three times their current pay and a shortfall of £108,739.
England took every place in the top ten most unaffordable cities. Chichester ranked second, with the lowest median salary in the top ten at £35,264, despite house prices averaging £429,978, requiring earnings of £81,218. London placed third, with a required salary of £104,644 against a median wage of £46,414, while St Albans, where local salaries are actually the highest in the top ten at £57,396, still fell short by more than £65,000 against a required £123,051.
Oxford, Cambridge, Brighton & Hove, Winchester, Bath and Bristol completed the list, each showing gaps of tens of thousands of pounds between required and actual local income.
Deposit not the only barrier, says broker
A housing expert at Everest Mortgages said many first-time buyers who manage to save a sufficient deposit still find their salary disqualifies them from a mortgage on the property they were saving for. The broker said a stable, sufficiently large income is just as important as deposit size, adding that in cities such as Westminster and Chichester, the income gap is often the bigger barrier to homeownership than the deposit itself.
The full findings, covering all 75-plus cities analysed, have been published online by Everest Mortgages.