Sep. 14, 2017
House prices in the North West of England are considerably more affordable than a decade ago, according to new research.
Yorkshire Building Society analysed the change in local house prices and earning ratios since the 2007 economic downturn in the UK, with its findings showing that homes in the North West were 16 per cent more affordable than they were 10 years ago.
Regional housebuilder Prospect Homes said the figures showed that the North West was one of the best places in the country for buyers to get a foothold on the property ladder.
Christine Kynaston, Sales and Marketing Director for Prospect Homes, said: “The findings of this report demonstrate that despite the increasing demand for new homes in the North West, home ownership remains an achievable dream for would-be buyers in the region.
“As a dedicated regional housebuilder, we pride ourselves on building high-quality homes in hand-picked locations across the North West which are both aspirational and affordable, and we strive to give our buyers the very best value for money.
“Although this report paints a very positive picture for house buyers in the North West, we cannot ignore the fact that we are facing a severe housing shortage which needs to be addressed. To ensure that house prices remain affordable, it is vital that the level of housebuilding across the region is stepped up significantly to meet the growing demand from buyers.
“As a developer, we are committed to playing our part in this process, and it is our ambition to substantially increase the number of new homes and developments we deliver each year.”
Yorkshire Building Society analysed 10 years of Office for National Statistics earnings data and Land Registry house price data to calculate the average house price to earnings ratios.