LITTLE CHANGE IN AFFORDABILITY GAP
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.”