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, 17:36

A man was left startled after a stranger got into the back of his car in Wendons Ambo and ordered him to drive.

Yesterday, 10:09
Chelmsford Crown Court

An alleged child abuse victim has told a court his life has been ruined and that he feels “dirty” after what was done to him.

Yesterday, 09:36
Toasting marshmallows round the fire at RAB Fest

A sizzling summer fete was a huge success at RA Butler Infant and Junior School over the weekend as part of its 50th anniversary celebrations.

Yesterday, 09:28
Saffron Walden 5th Scouts slept rough for Nepal appeal.

A group of scouts gave up their comfortable beds for a night to support victims of the Nepal earthquake.

Digital Edition

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

Most read stories