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: ‘Are house prices finally becoming more affordable for new and existing homeowners?’
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.
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.”
