Looking to Buy a House? You’ll Need 10 Times the Average Salary
We often hear the argument that more housing is needed to meet the demands of residents and in particular their children. So while you contemplate the ‘affordability’ of housing in our district here are some interesting facts that you are faced with when trying to get onto the property ladder in the Rochford District.
- Average house prices are above the national average at £306,852
- The rising cost of homes in the Rochford District means that the average home costs over 10.2 times the average salary
- In addition, average private rents in the Rochford District now cost £898 a month
- Many working households are reliant on Housing Benefit to cover rents, with 25% of all Housing Benefit claimants in work
- The income required to get an 80% mortgage is a whopping £70,138
What are the options for those starting out on the property ladder? Better jobs, the bank of Mum & Dad, lower expectations, renting or perhaps an inheritance.
I’d be interested to hear your thoughts on getting your foot on the property ladder here in the Rochford District.
*Statistics from ONS – correct as of 2016