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

Househunters being priced out of the market Househunters being priced out of the market

Friday, March 14, 2014
9:32 AM

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

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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.

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