As house prices continue to outstrip wage growth across much of England, Open Property Group has issued a stark warning about the widening gap between earnings and property affordability. The Buckinghamshire-based professional house buyer says more needs to be done to address the barriers faced by first-time buyers.
Despite a healthy 5.6% rise in average salaries over the last year, Open Property Group’s analysis shows that property prices have risen by a greater margin in most areas—leaving many buyers struggling to keep up.
The company’s findings indicate that, with the exception of London, every region in England experienced at least a 3% increase in average house prices over the past 12 months.
Top of the list is Yorkshire and the Humber with a 6.5% jump, followed by the Northeast at 5.6% and the Northwest at 5.4%. These figures illustrate how quickly the market is outpacing wage growth, particularly in regions with fast-climbing property prices.
Jason Harris-Cohen, Managing Director at Open Property Group, shared his views:
“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.”
The regional breakdown from Open Property Group includes:
- 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 these developments closely and advocates for long-term policies aimed at restoring affordability and helping more people onto the housing ladder.
