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UK residential property appears to remain stuck in a buyers’ market at the moment, with average residential property asking prices falling for the first time since January 2012, but there are a number of regions in the UK where residential property is becoming less affordable for working would be home buyers.

A study by the UK mortgage lender, Halifax, compared residential property prices with localised pay levels and found that the London Borough of Brent to be the least affordable place to buy a house in the UK, followed by Oxford in second place.

The average price of a residential property in Brent is 8.8 times the average local income, while in Oxford it is 7.6 times greater.

Estate agents in Oxford say a shortage of suitable housing stock in the city has pushed prices up, while residential home buyers have struggled to secure an affordable mortgage since the onset of the credit crunch.

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