This city is the most affordable to buy a home in the south east

The cheapest places in the country to buy a home have been revealed following a new study led by Lloyds bank - and this Hampshire city has made the list.

Getting on the property ladder can be tricky, with the average UK home costing around 7.3 time average earnings - the lowest price to earnings ratio since 2015.

Lloyds bank has conducted a study revealing the cheapest and most expensive places to buy a property by comparing figures for April to June 2026 with the same period in previous years, data from the house price index and the Office for National Statistics (ONS).

The findings showed that Portsmouth has been ranked the most affordable area for the south east, with homes averaging £216,713 which is approximately 5.2 times the average annual earnings.

Elmbridge has been dubbed the least affordable area in the south east, with homes costing an average of £726,523.

Andrew Asaam, mortgages director at Lloyds, said: “There are some encouraging signs for people looking to buy a home. Wages have continued to rise while house prices have remained relatively stable, helping to narrow the gap between earnings and house prices.

“However, affordability remains stretched for many households. Mortgage rates are higher than they were a year ago and saving for a deposit continues to be one of the biggest barriers facing first-time buyers.

“Buyers may have more options than they realise, including mortgages designed for those with smaller deposits. While these won’t be right for everyone, they can help some buyers take their first step onto the housing ladder sooner.”