Pay Outpacing House Prices In Many Areas Of The UK

LATEST NEWS | 19.09.2017

Half of Britain has seen wages rise faster than house prices over the last decade, according to research from the Yorkshire Building Society.

Half of Britain has seen wages rise faster than house prices over the last decade, according to research from the Yorkshire Building Society. However, it’s clear that the gap between the north and south is widening. The 10 locations that have seen the greatest improvement in affordability are situated in Scotland and the North of England, while the 10 areas that have experienced the largest affordability decline are in the South and East. While those in London and surrounding areas are finding it harder than ever to purchase their own homes, it’s become more affordable to live in Edinburgh, Birmingham, Peterborough, Leeds and Harrogate than it was ten years ago.

Places where housing affordability has improved since 2007

Inverclyde + 42.5%
North Ayrshire +37.2%
West Dunbartonshire +34.9%
Burnley +34.2%
Hyndburn +33.0%
Hartlepool +31.9%
East Ayrshire +31.8%
Middlesbrough +31.3%
Wyre +30.5%
Sunderland +30.1%

Places where housing affordability has declined since 2007

Three Rivers -61.0%
Haringey -60.2%
Westminster -55.9%
Southwark -55.1%
Waltham Forest -54.5%
Hackney -53.8%
Elmbridge -50.3%
Hertsmere 49.7%
Sevenoaks -47.8%
Camden -44.1%

There are exceptions to the trend. Those in Manchester may be struggling under the pressure, with wages failing to keep up with rising house prices in the area. According to Hometrack UK’s Cities House Price Index, the northern city has seen a price growth of 7.1% since July 2016 and the average property costs £157,500.

If you’re looking to buy a property in the north,get in touch with the best mortgage broker Manchester has to offer. Here at TaylorMade, we can help you find the right mortgage deal for you, whether you’re buying a property in an area like Burnley where affordability has improved, or somewhere like Didsbury where prices have surged.

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