Average house prices in Welwyn Hatfield and Hertsmere more than 10 times average annual earnings
PUBLISHED: 14:06 01 April 2019 | UPDATED: 14:06 01 April 2019
The average house price in Welwyn Hatfield is almost 11 times a full-time worker’s average annual earnings.
New figures from the Office for National Statistics revealed that, while affordability in the borough is estimated to have improved slightly in 2018, the average property price to average annual workplace-related earnings ratio is 10.88.
That’s compared with 11.23 in 2017 and 8.74 five years ago.
In Hertsmere, the average price was 14.29 times average earnings in 2018 – up from 14.21 the previous year and 10.17 five years ago.
Housing affordability in England and Wales stayed at similar levels in 2018, with a ratio of 7.8 on average.
Office for National Statistics head of housing analysis Nigel Henrett said: “After five years of decreases, the estimated affordability of homes in England and Wales remained static in 2018.
“Locally, most of this decline was in London, the south east and east of England.
“It’s also notable that the estimates show newly-built homes remained significantly less affordable than existing properties.”
By comparison, the most affordable local authority in 2018 was Copeland in the North West of England with a ratio of 2.5 and the least affordable was Kensington and Chelsea in London with 44.5.
There are 77 local authorities that became less affordable over the last five years, mostly in London, the South East and the East of England, but there are none in which affordability improved.