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Reading house prices rise to 8.5 times more than average wage


02-10-2016

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Only two other local authority areas in England and Wales saw a bigger increase in the gap between average house prices and average salaries last year

Trinity Mirror Southern
Reading

Soaring property prices in Reading has resulted in the town's average house price becoming almost nine times greater than the average wage in 2015.

Last year the median house price in Reading rose to £250,000, which was 8.5 times more than the average full-time wage of £29,351, according to the figures which were published by the Land Registry and the Office for National Statistics.

In 2014, the town's average house price was 7.3 times greater than the average wage, but rising property prices caused that figure to increase to 17.4 per cent the following year.

Only two other local authority areas in England and Wales saw a bigger increase in this gap between 2014 and 2015.

Biggest increases in the gap between house prices and pay

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

But despite the spike, average house prices remain greater than median wages in Wokingham, West Berkshire and Bracknell.

Westminster was deemed the least affordable location in the country as the average house price is 20.8 times greater than the average wage.

Difference between house prices and wages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

While workers in Copeland in Cumbria are surrounded by the country's most affordable homes, as the average house price is only 2.8 times greater than the median wage.

Across England and Wales houses became 3.8 per cent less affordable in 2015 as the average price rose to £200,000, which is 7.2 times greater than the median full-time wage.

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