THE BIG DIVIDE
Property prices dwarf average earnings in parts of Bucks
THE stark difference between average earnings and average house prices in Bucks has been highlighted by a new app.
Aspiring homeowners in the county are currently faced with properties costing up to 17 times the average earnings for some areas according to a new widget developed by the Trinity Mirror data team.
Beaconsfield, which has some of the least affordable house prices in the county, has an average house price of £699,500, which is 16 times the average net household income of £44,258.
The prices, according to the widget, only increase in Gerrards Cross; with the average household income at £50,223, the average price for a house prices is 17 times higher at £870,000.
Chesham is considerably cheaper, with an average house price of £236,000 but still presents problems as the average household income is £33,967 and lenders typically offer 4.5 times the income at most. Similarly, Amersham is also more affordable, with house prices at £388,500 but with the average household income at £44,363 this is still nine times higher.
Morgan Miller, 23, High Wycombe, is looking to become first time homeowner in the nearby area but says it’s near impossible to find an affordable home.
She said: “The houses I’ve been looking in the local area have all exceeded my budget.”
Miss Miller added: “For a first-time homeowner, it’s almost impossible to get on the property ladder when you can rarely find an affordable home – one that can be bought on a relatively low income.
“People in my situation are forced to rent or move away from the county – and it’s not hard to see why with the lack of affordable houses nearby. ”
With the county’s house prices remaining high, million-pound homes are frequently bought; last year, 425 homes were sold at £1million or more, in mainly South Bucks and the Chilterns.
Of those 425 luxury homes, 56 of them cost the Buckinghamshire homeowners £2million or more – which is up from 51 in 2015.
To see the difference between the average house price and average earnings in your area visit www.getbucks.co.uk.