For the second year running, UK house prices need to drop by an average of 44%, to be affordable.
Recent research by Open Property Group found that, in 2021, Durham is the only city where it’s affordable to buy a house based on the average salary earned in that city. House prices in Durham could rise by 8 per cent and still be affordable for someone on an average wage with a 20% deposit and a mortgage of 3.5 times salary.
At the other end of the country, the gap between ‘average salary’ and ‘average house price’ continues to grow. In 2020, Oxford was crowned the “Least Affordable City”. In 2021, however, City of Westminster topped the charts, where house prices would need to drop 69% to make it affordable to buy!
Homeowners across England and Wales can benefit from selling their house fast. With a selling timeframe that suits you, by selling to Open Property Group, you pay no estate agent fees, no clearance costs and no solicitor fees.
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