{"id":16456,"date":"2017-04-06T12:29:00","date_gmt":"2017-04-06T12:29:00","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=16456"},"modified":"2017-04-25T10:17:24","modified_gmt":"2017-04-25T10:17:24","slug":"homes-cost-7-6-times-annual-earnings","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=16456","title":{"rendered":"Homes cost 7.6 times annual earnings"},"content":{"rendered":"

With borrowing costs at an all\u00e2\u20ac\u2018time low, and new mortgage customers being incentivised by attractive interest rates, the Office for National Statistics (ONS) has issued gloomy news: the affordability gap is still increasing.\u00c2\u00a0 The typical property now costs 7.6 times the average earnings of working people in England and Wales.<\/p>\n

In 2007, the average buyer paid 7.2 of their annual earnings on property.\u00c2\u00a0 The affordability gap grew sharply between 2015 and 2016, increasing from 7.4 to 7.6 times earnings.<\/p>\n

First time buyers\u00e2\u20ac\u2122 wages have stagnated through this period, making property ownership even more expensive.<\/p>\n

Half of all homeowners have no borrowings at all, and it is estimated that up to two fifths of homes are bought and sold within this group. \u00c2\u00a0The value in their property for many of these homeowners comprises largely unearned and untaxed money, and they are unwittingly helping to keep house prices buoyant.<\/p>\n

Fastest sales<\/strong><\/h5>\n

According to one property company, Northampton has the fastest moving property market in the UK.\u00c2\u00a0 Zoopla recorded sales of properties in Northampton listed on its website being marked as \u00e2\u20ac\u02dcunder offer\u00e2\u20ac\u2122 inside an average of 27 days.\u00c2\u00a0 Milton Keynes and Croydon were the next on the list, showing accepted offers within 29 days and 30 days.\u00c2\u00a0 The fastest offers regionally were in the South East and East of England, compared to sales in Wales which at 66 days took the longest.<\/p>\n

Most and least expensive<\/strong><\/h5>\n

Seven of the ten least affordable areas in which to buy property are unsurprisingly in London.\u00c2\u00a0 Homes in Kensington and Chelsea now typically cost 38 times the average annual income of those living in the area, up\u00c2\u00a0from 13 times earnings in 1999.\u00c2\u00a0 Westminster buyers paid 24 times average earnings last year, and properties in Hammersmith and Fulham cost 21 times earnings.<\/p>\n

While sales in Wales were slower, the value of homes in Neath, Port Talbot and Blaenau Gwent were still 3.6 times earnings.\u00c2\u00a0 Copeland in Cumbria was the most affordable place to buy, where property\u00c2\u00a0was 2.8 times average local earnings.<\/p>\n

 <\/p>\n

For advice from Independent Chartered Surveyors on buying or selling property in England and Wales, contact www.propertysurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With borrowing costs at an all\u00e2\u20ac\u2018time low, and new mortgage customers being incentivised by attractive interest rates, the Office for National Statistics (ONS) has issued gloomy news: the affordability gap is still increasing.\u00c2\u00a0 The typical property now costs 7.6 times the average earnings of working people in England and Wales. In 2007, the average buyer … Continue reading “Homes cost 7.6 times annual earnings”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-16456","page","type-page","status-publish","hentry"],"yoast_head":"\nHomes cost 7.6 times annual earnings - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=16456\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homes cost 7.6 times annual earnings - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"With borrowing costs at an all\u00e2\u20ac\u2018time low, and new mortgage customers being incentivised by attractive interest rates, the Office for National Statistics (ONS) has issued gloomy news: the affordability gap is still increasing.\u00c2\u00a0 The typical property now costs 7.6 times the average earnings of working people in England and Wales. 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