LIT­TLE CHANGE IN AF­FORD­ABIL­ITY GAP

EDP Norfolk - - LAST WORD IN PROPERTY -

The lat­est fig­ures on home af­ford­abil­ity from the Of­fice for Na­tional Sta­tis­tics (ONS) for north Nor­folk re­veal that buy­ers can ex­pect to spend up to 10 times their av­er­age earn­ings, while in Great Yar­mouth, this falls to roughly 6.5 times.

Na­tional fig­ures show that, in gen­eral, newly-built homes re­main sig­nif­i­cantly less af­ford­able than ex­ist­ing prop­er­ties – and buy­ers can ex­pect to stump up nearly 10 times av­er­age earn­ings for a newly-built home. A newly built prop­erty in 2018 typ­i­cally equated to 9.6 times an­nual work­place-based earn­ings, the ONS said – while the price of an ex­ist­ing prop­erty was around 7.6 times av­er­age earn­ings.

Hous­ing af­ford­abil­ity across Eng­land and Wales re­mained static in 2018, it said, fol­low­ing five years of de­creas­ing af­ford­abil­ity.

Ac­cord­ing to fig­ures, 77 lo­cal au­thor­i­ties have be­come less af­ford­able over the past five years – mostly in Lon­don, the South East and the East of Eng­land. There were no lo­cal au­thor­i­ties where af­ford­abil­ity has im­proved over the past five years.

Hous­ing Min­is­ter Kit Malt­house said: “We want to make the dream of home own­er­ship a re­al­ity for the next gen­er­a­tion, which is why we are de­ter­mined to de­liver 300,000 new homes a year by the mid-2020s. Over 1.1 mil­lion prop­er­ties have been built since 2010 and our targeted in­vest­ment and plan­ning re­form will de­liver more of the homes com­mu­ni­ties need.”

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