This was an improvement on 5.7 times gross annual average earnings a year ago and is below the peak of 7.2 in 2008.
Despite these gains in affordability, city living remains less affordable than the UK average of 4.3.
The marked improvement in affordability in cities over recent years has been driven by the significant fall in city house prices.
Since 2008, the average city house price has fallen by 18% from £210,605 in 2008 to £173,202 in 2012.
Lloyds said there was a substantial north – south divide among UK cities. All sixteen of the most affordable cities for homebuyers are in the North.
At the other end of the spectrum, the fifteen least affordable cities are all in southern England.
Suren Thiru, housing economist at Lloyds TSB, said: “The improvement in housing affordability within many of our major urban conurbations has been significant during the past few years and reflects the decline in house prices over the period. There is, however, a distinct north-south divide to the locations of the most affordable UK cities.
“Looking forward the marked improvement in city affordability is likely to help support demand for those able to enter the housing market.
“Much of this benefit, however, maybe offset by the continuing difficulties many households face in raising a deposit and uncertainty over the outlook for the UK economy.”
