Money House

Has your home made more than you in the last year?

Katie Court
Authored by Katie Court
Posted: Thursday, April 29, 2021 - 09:24

The answer to that question could well be yes, according to the latest research by estate agent comparison site, GetAgent.co.uk, who found that house prices in 92 areas of Britain have climbed by more than the average net annual salary in the last year.

With a property market boom in full swing, GetAgent analysed the latest house price data from the Land Registry and found that since last year, house prices are up by £20,162. With the average net annual income sitting at £25,246 across Britain, this means the average property has made the equivalent of 80% of the average salary.

However, in some parts of Britain, the average property has made far more in the last year when compared to the average salary of a person living there. You can find the full list of the 92 areas below but for any enquiries as to how your local area has performed just get in touch. 

Here are just some to see the most notable increases in house prices compared to the average earnings around Britain.

Bath and North East Somerset is home to the hardest earning bricks and mortar, with house prices up £61,931 since this time last year. This equates to a huge 260% of the average annual net earnings of £23,784 in the area.

South Hams also ranks high, with the £44,339 gained in house prices coming in at 219% of the average net earnings in the area (£20,203).

Wealden (194%) and Rother (191%) in the South East have also seen house prices climb to nearly 200% of the average wage in each area.

However, this high house price growth isn’t restricted to the South, with both Richmondshire (189%) and Selby (186%) in Yorkshire and the Humber also ranking as some of the biggest bricks and mortar earnings when compared to local wages.

In London, property in the London Borough of Merton has increased by £66,429 since this time last year, equating to 181% of the average net annual earnings of £36,715 in the borough. Sutton (165%), Ealing (161%) and Newham (156%) also rank high.

In the West Midlands, North Warwickshire has seen annual house price growth climb to the equivalent of 163% of the average income, while in the East Midlands, Newark and Sherwood (161%) is home to the hardest earning homes.

In the North West, Wirral house prices are up £35,301 when compared to an average net income of £22,844 in the area - 155%.

Pembrokeshire is the hardest earning housing market in Wales, with house prices earning the same as 137% of the average earnings in the area since this time last year.

Redcar and Cleveland ranks top in the North East with an increase of £22,942 in property prices in the last year, 107% of the average salary in the area.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“We’re used to positive property price growth in Britain but we’re currently seeing some of the hottest market conditions in years, driven by a mass influx of buyers keen to secure a stamp duty saving.

As a result, house prices are soaring and in some areas, they’ve increased at a higher rate than the average income over the last year.

This is quite astonishing and it isn’t a trend we’re seeing confined to markets in the South, it’s happening pretty much across the board.

We’re a nation of aspirational homeowners and who can blame us, when there’s a chance our homes can earn the same, if not more than we do in a year.”

Table shows house price change between February 2020 and February 2021 (latest available) and how this compares to the average annual net earnings in each region

Location

AveHP Feb 2020

AveHP Feb 2021

AveHP change £

Ave NET salary 2020

Ave HP change as % of NET salary

South West

£256,208

£279,242

£23,033

£22,684

102%

South East

£318,182

£345,075

£26,893

£27,468

98%

North West

£164,760

£184,351

£19,591

£23,120

85%

Yorkshire and The Humber

£164,353

£182,220

£17,867

£22,747

79%

West Midlands Region

£198,974

£215,451

£16,477

£23,639

70%

London

£474,480

£496,269

£21,789

£32,655

67%

East of England

£289,018

£306,346

£17,327

£26,159

66%

Wales

£165,953

£179,861

£13,907

£21,869

64%

North East

£126,993

£138,370

£11,377

£22,106

51%

Scotland

£149,582

£161,529

£11,947

£24,028

50%

England

£246,739

£268,291

£21,552

£25,563

84%

Great Britain

£233,162

£253,323

£20,162

£25,246

80%

Sources

Gov.co.uk: UK House Price Index (Feb 2020 to Feb 2021 - latest available data)

Office for National Statistics: Employee Earnings in the UK

 

 

 

 

 

 

Sources Gov.co.uk: UK House Price Index (Feb 2020 to Feb 2021 - latest available data) Office for National Statistics: Employee Earnings in the UK

Table shows the 92 areas of Britain where the average house price has increased at the same amount or higher when compared to the average annual net earnings in each area

Location

Region

AveHP Feb 2020

AveHP Feb 2021

AveHP change (£)

Ave NET salary 2020

AveHP change as % of Net salary

Bath and North East Somerset

SOUTH WEST

£331,952

£393,883

£61,931

£23,784

260%

South Hams

SOUTH WEST

£305,075

£349,414

£44,339

£20,203

219%

Wealden

SOUTH EAST

£327,817

£377,565

£49,748

£25,621

194%

Rother

SOUTH EAST

£296,460

£341,200

£44,739

£23,457

191%

Richmondshire

YORKSHIRE AND THE HUMBER

£204,653

£241,999

£37,347

£19,792

189%

Selby

YORKSHIRE AND THE HUMBER

£196,051

£242,022

£45,971

£24,718

186%

Swale

SOUTH EAST

£242,835

£286,398

£43,563

£23,516

185%

Merton

LONDON

£500,669

£567,098

£66,429

£36,715

181%

Waverley

SOUTH EAST

£439,570

£501,563

£61,993

£35,329

175%

Forest of Dean

SOUTH WEST

£240,087

£279,981

£39,894

£23,109

173%

Thanet

SOUTH EAST

£233,160

£269,574

£36,415

£21,615

168%

Windsor and Maidenhead

SOUTH EAST

£468,292

£524,607

£56,314

£34,047

165%

Sutton

LONDON

£372,934

£416,499

£43,565

£26,470

165%

North Warwickshire

WEST MIDLANDS

£205,180

£244,697

£39,517

£24,228

163%

Brighton and Hove

SOUTH EAST

£360,279

£400,636

£40,357

£24,823

163%

Newark and Sherwood

EAST MIDLANDS

£181,950

£219,918

£37,968

£23,533

161%

Ealing

LONDON

£467,466

£520,674

£53,208

£33,097

161%

Newham

LONDON

£371,245

£410,288

£39,044

£24,995

156%

Winchester

SOUTH EAST

£408,691

£453,658

£44,967

£28,792

156%

Wirral

NORTH WEST

£158,017

£193,319

£35,301

£22,844

155%

Mendip

SOUTH WEST

£260,219

£291,452

£31,233

£20,902

149%

East Devon

SOUTH WEST

£287,084

£317,831

£30,747

£21,004

146%

Cornwall

SOUTH WEST

£234,198

£263,014

£28,816

£19,767

146%

Southwark

LONDON

£496,382

£545,091

£48,709

£33,791

144%

Surrey Heath

SOUTH EAST

£382,663

£432,418

£49,756

£34,600

144%

South Lakeland

NORTH WEST

£240,059

£273,592

£33,533

£23,350

144%

Eden

NORTH WEST

£189,222

£219,069

£29,846

£20,832

143%

Lewisham

LONDON

£412,802

£457,419

£44,618

£31,712

141%

Pembrokeshire

WALES

£180,650

£210,376

£29,727

£21,639

137%

Trafford

NORTH WEST

£290,928

£328,188

£37,260

£27,306

136%

City of Bristol

SOUTH WEST

£283,290

£316,177

£32,887

£24,185

136%

Melton

EAST MIDLANDS

£224,014

£251,339

£27,324

£20,352

134%

Tandridge

SOUTH EAST

£452,683

£489,702

£37,019

£27,721

134%

Powys

WALES

£185,168

£211,801

£26,633

£20,128

132%

Redbridge

LONDON

£417,246

£456,098

£38,852

£29,583

131%

North Devon

SOUTH WEST

£246,012

£270,374

£24,362

£18,619

131%

Waltham Forest

LONDON

£436,371

£474,848

£38,477

£29,498

130%

Brent

LONDON

£467,924

£502,264

£34,339

£26,337

130%

New Forest

SOUTH EAST

£334,733

£366,687

£31,954

£24,720

129%

Cheltenham

SOUTH WEST

£271,866

£304,949

£33,084

£25,652

129%

Teignbridge

SOUTH WEST

£244,182

£269,534

£25,351

£19,916

127%

North Norfolk

EAST OF ENGLAND

£257,370

£282,123

£24,753

£19,468

127%

Leicester

EAST MIDLANDS

£181,625

£206,755

£25,130

£19,966

126%

Stroud

SOUTH WEST

£281,571

£311,524

£29,953

£23,814

126%

Erewash

EAST MIDLANDS

£164,969

£194,720

£29,751

£23,835

125%

Guildford

SOUTH EAST

£447,296

£490,285

£42,988

£34,502

125%

Rushcliffe

EAST MIDLANDS

£282,740

£317,830

£35,090

£28,240

124%

Wellingborough

EAST MIDLANDS

£211,436

£239,802

£28,366

£22,861

124%

Chichester

SOUTH EAST

£375,828

£405,167

£29,339

£23,646

124%

Hillingdon

LONDON

£403,613

£435,757

£32,144

£25,943

124%

Bromsgrove

WEST MIDLANDS

£291,535

£323,712

£32,177

£26,005

124%

Hastings

SOUTH EAST

£216,230

£240,319

£24,089

£19,855

121%

Reigate and Banstead

SOUTH EAST

£402,660

£440,698

£38,038

£31,436

121%

Tendring

EAST OF ENGLAND

£214,246

£239,036

£24,790

£20,525

121%

Stratford-on-Avon

WEST MIDLANDS

£313,217

£345,299

£32,082

£26,606

121%

South Somerset

SOUTH WEST

£229,674

£255,102

£25,428

£21,132

120%

Warrington

NORTH WEST

£194,387

£222,395

£28,008

£23,291

120%

Adur

SOUTH EAST

£306,644

£336,026

£29,383

£24,484

120%

Derbyshire Dales

EAST MIDLANDS

£264,555

£293,736

£29,181

£24,593

119%

St Albans

EAST OF ENGLAND

£509,661

£554,595

£44,935

£37,880

119%

Mid Sussex

SOUTH EAST

£366,628

£400,293

£33,665

£28,418

118%

Staffordshire Moorlands

WEST MIDLANDS

£182,483

£209,675

£27,192

£23,179

117%

Harborough

EAST MIDLANDS

£294,874

£326,849

£31,975

£27,294

117%

South Staffordshire

WEST MIDLANDS

£229,884

£259,408

£29,523

£25,359

116%

Shetland Islands

SCOTLAND

£148,589

£174,245

£25,656

£22,037

116%

Hambleton

YORKSHIRE AND THE HUMBER

£232,687

£258,673

£25,986

£22,360

116%

Oxford

SOUTH EAST

£406,934

£435,372

£28,438

£24,880

114%

Cannock Chase

WEST MIDLANDS

£173,481

£197,230

£23,749

£20,827

114%

Rossendale

NORTH WEST

£142,716

£166,616

£23,900

£20,961

114%

Breckland

EAST OF ENGLAND

£223,801

£247,479

£23,679

£20,896

113%

Hinckley and Bosworth

EAST MIDLANDS

£217,851

£244,886

£27,035

£23,909

113%

Newport

WALES

£186,831

£211,332

£24,501

£22,073

111%

Cambridge

EAST OF ENGLAND

£443,943

£474,824

£30,881

£28,006

110%

North East Derbyshire

EAST MIDLANDS

£194,312

£219,482

£25,170

£22,832

110%

Chorley

NORTH WEST

£177,950

£202,414

£24,464

£22,398

109%

South Norfolk

EAST OF ENGLAND

£265,747

£290,292

£24,546

£22,594

109%

Redcar and Cleveland

NORTH EAST

£122,256

£145,198

£22,942

£21,355

107%

Lichfield

WEST MIDLANDS

£255,990

£285,989

£29,999

£27,972

107%

Mid Devon

SOUTH WEST

£235,464

£258,175

£22,710

£21,178

107%

Mid Suffolk

EAST OF ENGLAND

£260,690

£284,272

£23,582

£22,563

105%

Cheshire West and Chester

NORTH WEST

£207,751

£233,241

£25,490

£24,493

104%

East Cambridgeshire

EAST OF ENGLAND

£283,994

£312,424

£28,430

£27,390

104%

Monmouthshire

WALES

£274,761

£302,780

£28,019

£26,998

104%

Lewes

SOUTH EAST

£316,889

£343,524

£26,635

£26,032

102%

Gedling

EAST MIDLANDS

£191,029

£212,962

£21,932

£21,515

102%

Lancaster

NORTH WEST

£154,034

£176,602

£22,568

£22,140

102%

Broadland

EAST OF ENGLAND

£262,813

£284,946

£22,133

£21,754

102%

Barnsley

YORKSHIRE AND THE HUMBER

£125,406

£147,536

£22,129

£21,824

101%

Carmarthenshire

WALES

£151,502

£173,959

£22,457

£22,172

101%

Canterbury

SOUTH EAST

£298,471

£323,285

£24,814

£24,630

101%

Tewkesbury

SOUTH WEST

£271,900

£295,272

£23,372

£23,268

100%

West Berkshire

SOUTH EAST

£344,701

£372,063

£27,362

£27,473

100%

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