Yorkshire and the Humber affordability up 13.7% in the last decade
More than half of all the local authorities across Britain are more affordable now than they were in 2007, according to research from Yorkshire Building Society.
How is it calculated?
By going through the last 10 years of Office of National Statistics earnings and house price data, they were able to see the average house price to earnings ratio. Nationally, affordability is down 3.3% across England as a whole but this is a fairly London-centric issue which we discussed last week. Here are the totals:
The regional changes since 2007
As we can see, London is down by 38.8% over the last 10 years, bringing the total right down and some of the places where it’s worst have seen a more than 50% drop since 2007. The totals are:
On the other hand, it is the north and Scotland that have seen the highest change in affordability with some coming in at a house price to earnings ratio of just 3.10:
What does this mean to Yorkshire?
We’ve seen a 13.7% increase across the county, which may explain our strong and stable property market since the uncertainty of the Brexit referendum back in June 2016. Here are some figures from our local offices:
- Leeds - house prices 5.7 times earnings
- York - house prices 9 times earnings
- Selby - house prices 7.2 times earnings
- Doncaster - house prices 5.1 times earnings
- Sheffield - house prices 5.4 times earnings
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