Cost of buying a house in Essex rising faster than the average salary

09:32 14 March 2014

Househunters being priced out of the market

Househunters being priced out of the market

Archant

House prices in Essex are rising twice as fast as the average salary.

Gross annual income needed versus average salary for average mortgage

Braintree £49,961 - £23,946

Chelmsford £58,680 - £22,916

Colchester £47,529 - £21,252

Maldon £55,816 - £27,066

Tendring £39,720 - £20,218

Uttlesford £76,499 - £24,575

The alarming statistics are part of a report from the National Housing Federation which looked at average house prices and salaries for the 10 years from 2002.

While the average salary has risen by 24 per cent in that time, the jump in house prices is more than double that at 56 per cent.

The report also highlighted the shortfall in new houses being built compared to the number of new households expected to form each year.

More than 28,000 new households are expected in the east each year but just under 14,000 homes were built in 2012/13.

0 comments

More news stories

Yesterday, 17:06
Police tape outside the One Stop in Elsenham

Essex Police are continuing their appeal for witnesses over the raid at the One Stop in Elsenham on Tuesday (September 1).

Yesterday, 13:04
Sir Alan Haselhurst MP

There has been a call for Britain to take more Syrian refugees from the MP for Saffron Walden Sir Alan Haselhurst.

Yesterday, 09:58
Luca and Nicola Pagliaro of Vorrei

A family-run Saffron Walden company has reached the final of an Essex competition aimed at exciting new businesses in the county.

Yesterday, 09:02
Brian Gibbs was jailed for eight years

A man convicted of sexual abuse of young boys in Saffron Walden has been sentenced to eight years in prison.

Digital Edition

Image
Read the Saffron Walden Reporter e-edition today E-edition

Most read stories