Local Affordability Report
Nationwide Building Society have shared their latest report on local affordability.
The headlines:
The London borough of Kensington and Chelsea is the least affordable while East Ayrshire in Scotland remains the most affordable.
25% of local authorities have seen an improvement in affordability since 2016.
Westminster, Cambridge, Reading and Aberdeen are amongst the areas which have seen the largest improvements. This is due to earnings growth outpacing house price growth
Here in the South West, the reports states:
“Most authorities in the South West have seen a deterioration in affordability over the last year, but Cotswold replaced Bath and North East Somerset as the least affordable area, with a house price earnings ratio of 8.6. This district includes sought after towns such as Cirencester, Tetbury and Moreton-in-Marsh.”
