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Property Prices Rise Faster than Salaries in Certain Locations
The average property price in the Bedfordshire town has grown by an impressive 5.06% (£12,499) since June 2016, in contrast to the average salary earned by residents, which has decreased by 2.94% (£970) over the same period.
The UK as a whole saw property values outgrow the average wage increase by 1.13% over the past year, with the average home in the UK increasing in value by 0.53% year-on-year, versus a dip in the average salary to the tune of -0.60%.
Not far behind Luton is nearby Stevenage, where house price growth is 6.41% higher than average salary growth – property prices in the area have risen by an average of 1.86% (£5,725) over the past year, whereas salaries in the town have decreased by 4.55% (£1,530).
House hunters seeking more affordable areas of Britain should apparently look to Sunderland, which tops the table of locations where salaries have been growing at a higher rate than property prices. Salaries in the Tyne and Wear city have witnessed an average rise of 2.3% (£650) in the past year, while property prices have declined by an average of 5.52% (£8,185) – marking a 7.81% difference.
The data also reveals the current disparity between average property values and local salaries. London tops this table, with the average house in the capital currently valued at almost 20 (19.53) times the average salary.
Meanwhile, the most affordable location is Newcastle, where house prices are only 4.21 times the average salary of £29,777. Bradford and Hull closely follow the riverside city, as average property prices in both cities are just 4.62 times the average salary.
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