City news: Housing affordability and Tier 2 visa charges for businesses
THE affordability of a home across the UK’s cities is at its worst level in eight years, a report has found.
The average city property costs 6.6 times earnings
Lloyds Bank’s affordability ratio compares average house prices with gross local earnings.
It found the average city property costs 6.6 times earnings, up from a multiple of 6.2 a year ago.
The average UK city house price has risen 8 per cent from £196,229 in 2015 to a record £211,880 in 2016.
St Albans, Bath, Truro, Exeter, Oxford and Cambridge are all among the least affordable cities.
A home in Oxford, Winchester or London costs over 10 times the average local wage.
Oxford is one of the least affordable cities
Businesses will have to pay an annual £1,000 charge for every skilled worker from outside Europe
Charge for non-European workers
Businesses are to be forced to pay an annual £1,000 charge for every skilled worker they employ from outside Europe.
The move, announced by the Home Office, follows a recommendation by the Migration Advisory Committee earlier this year.
The Tier 2 minimum salary will be raised to £30,000
It is one of a number of reforms to Tier 2 – the official name for the main migration route for skilled workers coming to the UK from outside Europe.
A reduced rate of £364 will apply to “small and charitable” sponsors.
Some workers will be exempt, such as those in PhD-level occupations.
The Tier 2 minimum salary will be raised to £30,000 for “experienced” workers.
The annual limit for Tier 2 places will stay at 20,700 a year.