‘The property ladder pulls further away’ warns Open Property Group
For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing housing affordability issues in England.
Despite a 5.6% increase in average annual salaries over the past year, the company notes that rising property prices continue to outpace income growth in many regions, making homeownership increasingly challenging for aspiring buyers.
An analysis conducted by Open Property Group revealed that, over the last 12 months, every region in England experienced at least a 3% increase in house prices, with London being the sole exception, witnessing a slight decrease.
Notably, Yorkshire and the Humber saw a 6.5% rise, while the Northeast and Northwest recorded increases of 5.6% and 5.4%, respectively. These figures highlight the growing disparity between wages and property values, particularly in regions where house price growth surpasses salary increments.
It is disheartening to hear the comments around affordability made by Jason Harris-Cohen, Managing Director of Open Property Group, he commented: “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.”.
Open Property Group examined the ongoing rise in house prices across England:
Yorkshire and the Humber – average house prices increased by 6.5%
Northeast – average house prices increased by 5.6%
Northwest – average house prices increased by 5.4%
East Midlands – average house prices increased by 4.2%
West Midlands – average house prices increased by 4.1%
Southwest – average house prices increased by 3.8%
Southeast – average house prices increased by 3.4%
East of England – average house prices increased by 2.9%
London – average house prices decreased by 0.1%
Open Property Group continues to monitor the housing market trends and advocates for solutions that address the affordability gap, ensuring that homeownership remains within reach for a broader segment of the population.
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