HOMES became more affordable in the Maldon district last year thanks to an increase in people’s average earnings, figures reveal. In Maldon, the average house price was £320,000 and the average annual salary £37,380 in 2020. This meant prospective buyers would need 8.6 times their annual salary to buy a home. The figure was down from 9.1 a year earlier, as the average wage grew by 6.6 per cent while the cost of a property stayed the same, making homes more affordable on average. House prices have soared in Maldon since 2002 – the earliest point at which data is available. The average cost of a property then was £134,000 and, over the same period, the average annual salary increased by £11,394, a 44 per cent rise.
A spokesperson for the Ministry of Housing, Communities and Local Government said more than 243,000 homes were delivered last year – the highest number in over 30 years. They added: We’re investing over £12 billion in affordable housing over the next five years which will include providing up to 180,000 new homes, with half for affordable and social rent. “This – as well as First Homes, Shared Ownership, the Help to Buy scheme, and the new mortgage guarantee scheme – will help many more people get the keys to their own home.” Each year, the Office for National Statistics calculates housing affordability by comparing the median house price in a local authority area to the median full-time annual income of people who live there.
A spokesperson for the Ministry of Housing, Communities and Local Government said more than 243,000 homes were delivered last year – the highest number in over 30 years. They added: We’re investing over £12 billion in affordable housing over the next five years which will include providing up to 180,000 new homes, with half for affordable and social rent. “This – as well as First Homes, Shared Ownership, the Help to Buy scheme, and the new mortgage guarantee scheme – will help many more people get the keys to their own home.” Each year, the Office for National Statistics calculates housing affordability by comparing the median house price in a local authority area to the median full-time annual income of people who live there.
A spokesperson for the Ministry of Housing, Communities and Local Government said more than 243,000 homes were delivered last year – the highest number in over 30 years. They added: We’re investing over £12 billion in affordable housing over the next five years which will include providing up to 180,000 new homes, with half for affordable and social rent. “This – as well as First Homes, Shared Ownership, the Help to Buy scheme, and the new mortgage guarantee scheme – will help many more people get the keys to their own home.” Each year, the Office for National Statistics calculates housing affordability by comparing the median house price in a local authority area to the median full-time annual income of people who live there.
PROSPECTIVE buyers in York have to spend more than eight times their annual earnings on average to buy a home, figures reveal. Each year, the Office for National Statistics calculates housing affordability by comparing the median house price in a local authority area to the median full-time annual income of people who live there. The higher the ratio is, the less affordable homes are to buy. The median – the middle number in a series – is used instead of the mean average to ensure the figures are not skewed by extreme highs or lows. In York, the average house price was £247,000 and the average annual salary £29,065 in 2020.