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.
In 2018, just under 285,000 properties across Great Britain were purchased with cash alone, comprising 29% of all property sales. This is the lowest proportion of cash sales recorded since this record began. Between 2012 and 2017, more than 30% of transactions were cash sales. The proportion of cash sales fell in each region of […]
The income for HM Treasury from residential stamp duty receipts fell by nearly £1 billion in 2018 compared to 2017. It is estimated £8.454 billion was collected in 2018, a fall of £926 million compared to £9.471 billion in 2017. 20% of the fall is due to the devolution of the tax income to the […]
On average 965 sales per week have been completed using Help to Buy across England and Wales during 2018 (to the end of September), according to data released by the Ministry of Housing, Communities and Local Government and the Welsh Government. Over 160 properties are purchased each week with the aid of Help to Buy […]