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House prices across Bristol are ten times higher than the average annual salary


01-28-2017

 

By EmmaGrimshaw  

Homeowners

Homeowners

House prices across Bristol are ten times higher than the average annual salary and rent costs residents a staggering 41 per of their wages.

The new figures were published in a startling report which also revealed Bristol and Bath have experienced some of the fastest economic growth in the country over the last ten years

The Resolution Foundation claims only London has matched our area for growth and employment.

However, our booming economy is having a negative effect on residents by pushing up the housing market resulting in tens of thousands no longer able to afford to buy their own home.

Average rents in Bristol and Bath have rocketed by 14 per cent between 2011 – 2016. This is faster than any other cities and amounts to an extra £100 a month.

And since 2011, the number of residents able to get their foot on the housing ladder has dropped from 69 per cent to just 52 per cent.

This May, Bristol will benefit from a new Metro Mayor and the report calls on whoever takes on the role to put housing as the number one priority.

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