Open Property Group found that 2020 UK property prices need to fall by an average of 37%, to make owning a home affordable, for a single person earning an average wage.
Sources: ONS House Price Index December 2019 and 2020 ONS Labour market statistics for England, Scotland and Wales.
We have analysed average house price and salary data for cities. It can reveal that Oxford is the most overpriced city in England where house prices would need to fall by 70%, for someone with a 20% deposit earning an average wage, to afford to buy. In comparison to our 2018 House Price Affordability Index where Oxford house prices needed to fall by 65% to become affordability.
For the second year running, Durham was the only city where houses are 'affordable' to buy. In Durham, house prices could rise by 16% and still be affordable for someone on an average wage with a 20% deposit and a mortgage of 3.5 times salary.
Homeowners across England and Wales can benefit from selling their property quickly, in any condition. With a selling timeframe that suits you, by selling to Open Property Group, you pay no estate agent fees, no solicitor fees and no clearance costs.
The service I received from Open Property Group was very helpful and considerate of my personal circumstances. A thank you to Jason for arranging a cash advance prior to exchanging contracts, and a lump sum when we exchanged. This was a really big help. Your company is simply the best.
Miss M, Southampton
Efficient, friendly and fair. From sold to exchanged in less than 6 weeks using OPG. We couldn’t fault the service. A professional service that any seller should use. If we had more property we’d definitely use them again!
Mr and Mrs M
The open property group recently purchased a property through my agency and found them to be excellent buyers that were able to exchange contracts within one week at the agreed price. I would highly recommend this company.
Excellent customer service, amazing communication, honest and genuine company who made the process extremely easy and gave any excellent price.
We buy property directly and you won't pay any agent's fees.