Here’s where homes are making and losing a year’s salary in annual price growth/decline

Estate agent comparison site, GetAgent.co.uk, has looked at how current market conditions have impacted homeowners financially over the last year and how house price growth compares to the average income.

GetAgent.co.uk used house price data from the latest UK house price index and the latest data from the ONS employee earnings in the UK to compare the net wage across the UK with the change in house price values.

The data shows that there are four areas of the UK where houses have earned their owners the average wage for the area, and then some, despite the remaining prevalence of Brexit uncertainty.

The best place to live in the UK over the last year is North Devon, with the average house price increasing from £221,095 to £245,504 in the last year – a jump of £24.410. This jump is £5,810 more than the average annual net income of £18,599 and a 131% wage increase for homeowners in the area.

The Derbyshire Dales is the second best place with annual house price growth at £31,058 compared to an average wage of £24,796. In the Cotswolds, homeowners have seen property prices increase £28,917, while the average wage is just £24,641.

Purbeck is the fourth and final area of the UK to see house price growth higher than the average wage, with prices up £20,847 compared to a wage of £18,145. Forest Heath, Rochford, Forest Dean, Blaenau Gwent, Redditch and Harborough have also made their owners between 77% and 90% of the average salary in a year.

London house prices have fallen by nearly £6,000 in the last year, 18% of the average wage in the capital. However, if you live in Haringey, Southwark or Camden, look away now.

The three London boroughs are the only areas to have seen prices plummet by more than the average wage in the borough. Haringey has seen a drop of £43,906 in the last year with an average wage of just £27,346. Prices in Southwark have dropped £42,822 compared to a wage of £29,191 and Camden has seen a drop of £52,063 with a wage of £43,244.

Eight other London boroughs have seen 50% or more of the average annual wage wiped off by house price decline in the last year and outside of London this stretches to another 13 areas. The worst of which is Tandridge where prices have dropped by £8,922, 71% of the average wage yearly (£31,067).

Founder and CEO of GetAgent.co.uk, Colby Short, commented:  

“Painful reading for many with the result of prolonged market uncertainty essentially wiping out 50% or more of their yearly earnings. Those in Haringey, Southwark and Camden, in particular, won’t be best pleased as they have seen the value of their property fall faster than they can earn money.

Thankfully, those already on the ladder will only feel this pinch on their pocket if they are looking to sell and with the long-term durability of the UK property market, they could see a reversal in fortunes by the time they do.

As always, it’s not a story of doom and gloom everywhere and some houses have actually been hard at work for their owners earning a healthy salary of their own over the last year.”

Annual house price increases above the average wage level and next best areas as a percentage of the average wage
Location
Average Annual Net Salary
Average House Price (April 2018)
Average House Price (April 2019)
House Price Growth (£)
Difference between Salary & AverageHP growth
House price growth to wage (%)
North Devon
£18,599
£221,095
£245,504
£24,410
£5,810
131%
Derbyshire Dales
£24,796
£252,263
£283,321
£31,058
£6,263
125%
Cotswold
£24,641
£355,520
£384,438
£28,917
£4,277
117%
Purbeck
£18,145
£310,688
£331,535
£20,847
£2,702
115%
Forest Heath
£23,077
£198,385
£219,249
£20,864
-£2,213
90%
Rochford
£25,209
£332,350
£353,447
£21,097
-£4,112
84%
Forest of Dean
£21,279
£225,054
£242,474
£17,420
-£3,860
82%
Blaenau Gwent
£18,224
£84,593
£98,956
£14,363
-£3,861
79%
Redditch
£19,419
£199,782
£214,930
£15,148
-£4,270
78%
Harborough
£26,432
£274,373
£294,721
£20,348
-£6,084
77%
United Kingdom
£23,821
£225,750
£228,903
£3,153
-£20,668
13%
 
 
 
 
 
 
 
Annual house price decline above average wage level
 
 
Location
Average Annual Net Salary
Average House Price (April 2018)
Average House Price (April 2019)
House Price Growth (£)
Difference between Salary & AverageHP growth
House price growth to wage (%)
Haringey
£27,346
£555,449
£511,543
-£43,906
-£16,560
-161%
Southwark
£29,191
£517,934
£475,052
-£42,882
-£13,691
-147%
Camden
£43,224
£866,438
£814,375
-£52,063
-£8,839
-120%
 
 
 
 
 
 
 
Largest house price decline as a percentage of average wage outside of London
Location
Average Annual Net Salary
Average House Price (April 2018)
Average House Price (April 2019)
House Price Growth (£)
Difference between Salary & AverageHP growth
House price growth to wage (%)
Tandridge
£31,067
£448,006
£425,931
-£22,075.26
£8,992
-71%
Mole Valley
£30,638
£497,835
£476,361
-£21,474.00
£9,164
-70%
Chichester
£23,845
£381,762
£365,101
-£16,661.10
£7,184
-70%
West Oxfordshire
£23,174
£332,236
£316,470
-£15,765.79
£7,408
-68%
North Hertfordshire
£26,131
£352,785
£335,171
-£17,613.78
£8,517
-67%
North Dorset
£21,043
£262,533
£248,872
-£13,660.55
£7,383
-65%
Harrogate
£25,180
£287,109
£271,018
-£16,090.80
£9,090
-64%
New Forest
£21,842
£341,973
£328,254
-£13,718.90
£8,123
-63%
Rushmoor
£26,160
£289,963
£274,270
-£15,693.65
£10,466
-60%
Bracknell Forest
£25,840
£344,939
£329,844
-£15,094.66
£10,745
-58%
 
 
 
 
 
 
 
London boroughs – Annual house price change as a percentage of annual wage
Location
Average Annual Net Salary
Average House Price (April 2018)
Average House Price (April 2019)
House Price Growth (£)
Difference between Salary & AverageHP growth
House price growth to wage (%)
Haringey
£27,346
£555,449
£511,543
-£43,906
-£71,251
-161%
Southwark
£29,191
£517,934
£475,052
-£42,882
-£72,073
-147%
Camden
£43,224
£866,438
£814,375
-£52,063
-£95,287
-120%
Lambeth
£32,265
£516,207
£488,610
-£27,596
-£59,861
-86%
Barnet
£29,227
£541,502
£516,750
-£24,752
-£53,979
-85%
Kingston upon Thames
£31,723
£493,941
£467,894
-£26,047
-£57,770
-82%
City of London
£40,145
£732,351
£699,794
-£32,556
-£72,701
-81%
Ealing
£29,642
£481,101
£459,796
-£21,305
-£50,947
-72%
Harrow
£27,810
£465,391
£445,636
-£19,754
-£47,564
-71%
Islington
£39,473
£637,412
£613,718
-£23,694
-£63,167
-60%
Wandsworth
£41,726
£594,836
£569,833
-£25,004
-£66,729
-60%
Havering
£25,593
£369,070
£357,770
-£11,300
-£36,892
-44%
Brent
£24,711
£485,434
£474,540
-£10,893
-£35,604
-44%
Bromley
£32,749
£440,859
£430,242
-£10,616
-£43,365
-32%
Redbridge
£27,341
£412,072
£403,911
-£8,161
-£35,502
-30%
Tower Hamlets
£34,792
£455,910
£447,895
-£8,016
-£42,808
-23%
Sutton
£26,423
£375,827
£370,200
-£5,627
-£32,050
-21%
Bexley
£26,878
£338,476
£333,317
-£5,159
-£32,038
-19%
Enfield
£25,325
£396,942
£393,253
-£3,690
-£29,015
-15%
Lewisham
£27,638
£409,634
£406,614
-£3,020
-£30,658
-11%
Westminster
£53,821
£1,003,535
£998,912
-£4,623
-£58,444
-9%
Richmond upon Thames
£42,250
£649,078
£650,897
£1,820
-£40,430
4%
Croydon
£27,178
£368,281
£369,986
£1,705
-£25,473
6%
Hillingdon
£24,049
£408,618
£410,386
£1,768
-£22,281
7%
Waltham Forest
£25,408
£430,972
£433,158
£2,186
-£23,222
9%
Newham
£22,713
£360,618
£364,292
£3,674
-£19,039
16%
Hammersmith and Fulham
£39,314
£710,090
£718,767
£8,677
-£30,636
22%
Merton
£34,377
£494,428
£502,107
£7,680
-£26,698
22%
Barking and Dagenham
£22,007
£291,184
£299,029
£7,845
-£14,162
36%
Hounslow
£25,757
£387,621
£398,170
£10,549
-£15,208
41%
Greenwich
£32,009
£383,039
£396,529
£13,490
-£18,519
42%
Hackney
£26,702
£529,850
£541,802
£11,952
-£14,750
45%
Kensington and Chelsea
no data
£1,325,081
£1,288,685
-£36,396
n/a
n/a
 
 
 
 
 
 
 
London
£31,114
£477,253
£471,504
-£5,749
 
-18%

 

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More