By Alex at Aboda, Jun 11 2019 05:36PM
The affordability ratio for England and Wales hit another peak at 7.83 in 2018. This means that the median property price in England and Wales is now 7.83 times more than gross average annual earnings, according to new data from the Office for National Statistics (ONS).
This affordability ratio is up from 6.35 in 2009, which dropped from the previous peak in 2007 when the ratio was 6.9.
The data reveals a clear north-south divide. Copeland is the most affordable place to live in England and Wales, with median property prices just 2.5 times that of annual gross earnings. Areas in the North West and Wales take the top five spots for affordability.
Seven of the ten least affordable areas in which to live are located in London, the other three are in the South East.
The East England region is the third least-affordable area in England & Wales as people seek alternative areas to move to outside of expensive London and South-East regions but still within close geographical proximity to London itself - a trend we at ABODA Fine Homes expect to continue in the coming years.
If you'd like to discuss the market in general or need advice about your homes value or move, I'm happy to help anytime - just drop me a message!
Alex Doggett - Owner - ABODA Fine Homes