One of the UK's leading professional house buyers, Open Property Group, has claimed that affordability remains a challenge for many aspiring homeowners due to a lack of parity between values and incomes.
-- Open Property Group recently looked into the continuous increase in house prices across the country.
Over the last 12 months, every region in England experienced at least a 3% increase in house prices, except London which was the only region to experience a decrease in inflation.
In comparison, annual salaries increased 5.6% in the last 12 months across England. This presents the question of whether house prices are finally becoming more affordable for new and existing homeowners.
- Yorkshire and the Humber house prices increased, on average, by 6.5%
- North East house prices increased, on average, by 5.6%
- North West house prices increased, on average, by 5.4%
- East Midlands house prices increased, on average, by 4.2%
- West Midlands house prices increased, on average, by 4.1%
- South West house prices increased, on average, by 3.8%
- South East house prices increased, on average, by 3.4%
- East of England house prices increased, on average, by 2.9%
- East of England house prices decreased, on average, by 0.1%
Jason Harris-Cohen, Managing Director of Open Property Group, who help UK homeowners sell their property fast in any scenario, said: “While salaries are growing faster than house prices in some areas, affordability remains a challenge for many aspiring homeowners due to the persistent gap between income and property values.
“Open Property Group examined the ongoing rise in house prices across England, revealing that every region experienced growth over the past year, except London, where prices slightly decreased. House price growth in the Northern powerhouse regions continues to exceed those in the South, East of England and London and yields still look fairly attractive based on lower house prices in the Northern regions.
“Annual salaries increased by 5.6% overall, outpacing house price growth in certain regions like the North East (5.6%) and the North West (5.4%). However, in areas like Yorkshire and the Humber, where house prices rose by 6.5%, affordability remains constrained.
“Although wage growth in the private sector (6.0%) and public sector (4.1%) has been notable, the increasing cost of homeownership continues to outpace the budgets of many. The question remains: how much more can salaries grow to make owning a home truly affordable across the country, whilst house prices continue to grow broadly comparably?”
About the company: Open Property Group is a professional house buying company who help people sell their properties quickly. They buy all types of properties, in any condition, throughout England and Wales. Homeowners benefit from selling their house fast, with a completion date fixed to the owners’ requirements. By selling directly, you pay no agent fees, and can plan ahead with certainty. We also pay your agreed legal costs too.
Contact Info:
Name: David Donaldson
Email: Send Email
Organization: Open Property Group
Website: https://www.openpropertygroup.com/
Release ID: 89152333
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