Gap grows between house cost and wages - Local News - Northumberland Gazette
HOMES in north Northumberland are now among the most unaffordable in the whole of the UK, a new study has revealed, as the gap between wages and property prices widens.
Research carried out by the National Housing Federation (NHF) shows that the former Alnwick District area witnessed the biggest change in affordability over the past 10 years, with average house prices shooting up from £78,706 to £210,572 – an increase of 168 per cent.
But with local incomes rising by only five per cent over the same period, a typical home in Alnwick is now 16.9 times the average salary of £12,480 – up from 6.6 times the local salary in 1999.
In Berwick, a home costs 10.4 times the average income, compared to 5.6 times in 1999.
House prices in the countryside are now more than £40,000 higher than in urban areas, according to research by the Commission for Rural Communities, despite average wages being lower.
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