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, 12:10

Thousands of pounds worth of crops have been damaged after seven illegal hare coursing incidents in and around Saffron Walden over the last week.

Yesterday, 10:59

Criminal damage was caused to a blue Mercedes, parked at Cannons Mead, Stansted, between 4.30pm on February 5 and 9.55am on February 11. A 2ft long groove was made in the driver’s door.

Saturday, February 18, 2017

It’s taken the best part of 16 months, but Elizabeth has finally started saying “mummy”.

Friday, February 17, 2017

Votes have been cast and the results are in for the Elsenham and Henham by-election yesterday (February 16).

Digital Edition

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

Most read stories

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter