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Housing Affordability in England Drastically Worsens
五月 8, 2024
Housing Affordability in England Drastically Worsens 伦敦
By   Internet
  • 都市报
  • Housing affordability
  • Nottingham property
  • London property
  • house price to income ratio
Abstract: Housing affordability has become a significant challenge not only in the UK but in many cities globally. Nottingham and several areas in London are just microcosms of this widespread phenomenon.

In England, the issue of housing affordability is increasingly severe, particularly in areas like Nottingham. According to the latest analysis by the mobile platform Getamover.co.uk, Nottingham has experienced the most significant decline in housing affordability over the past decade. In 2013, the average house price in this area was £95,500, which skyrocketed to £186,000 by September 2023.


During the same period, the median annual income increased from £25,217 to £30,151. This means that the average house price was 3.79 times the median income, but ten years later, this ratio nearly doubled to 6.17 times, an increase of 62.80%.


Not just Nottingham, many areas in London also topped this study. Barking and Dagenham, in particular, saw the largest drop in housing affordability. Over the past decade, the ratio of house prices to income in this area has more than doubled, increasing by 100.73%. Despite the average house price rising by £202,500, the median annual income only increased by £2,182.


West London's Haringey area also faces similar challenges, where the average house price rose from £265,000 to £495,000, while the median annual income only increased by £143. During this period, the ratio of house prices to income rose by 85.98%. Situations in areas like Waltham Forest and Redbridge also mirror this, showing a widespread issue of housing affordability across London.


Housing Affordability in England Drastically Worsens

propertywire.com


Outside of London, Oadby and Wigston in Leicestershire are also among the areas where housing affordability has declined the most. Here, the house price to income ratio has risen by 67.90% over the past ten years, with average house prices rising by £129,000 and median annual income increasing by £2,644.


These figures reflect a harsh reality: despite increases in residents' incomes, the rate of housing price growth far exceeds the pace of income growth. This has led to increased financial pressure on many families in purchasing and maintaining housing, particularly for first-time buyers and low-income families, for whom the soaring house prices have become an unbearable burden.


Government and market analysts have expressed concern about this trend and called for more policy intervention to curb rising house prices and improve housing affordability. Experts suggest that providing more affordable housing, increasing the housing supply, regulating the real estate market, and offering more financial support measures could be key strategies to mitigate this issue.


Furthermore, the long-term sustainability of the housing market needs attention to ensure that all citizens can afford safe and quality housing. As population growth and urbanization accelerate, maintaining a balance in the housing market is increasingly becoming a critical factor in social stability and economic development.

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