Scilly No Longer ‘Least Affordable Place In Country’
The gap between income levels and house prices has narrowed considerably because of a fall in property prices, but new figures reveal that many islanders will still be unlikely to become homeowners here.
Data released this week by the Office for National Statistics lists the median house prices, private and social housing rental rates and annual salaries across England and Wales.
Back in 2009, the average gross salary on the islands was £12,800. The median house price then was £325,000, over 25 times that annual income.
But since the recession, Scilly’s property prices have slumped to a median of £235,000 last year.
The government didn’t publish islanders’ average earnings for 2014, but if Scilly’s salaries grew in line with the small increase in Cornwall, the average annual islands income would be £14,600. And a home would cost around 16 times that income.
Westminster has replaced Scilly as the least affordable area. The median house price there is 24 times salary.
Islanders do fare better with social housing rents. Out of the 338 local authorities, our average rental rate of around £95 a week is almost exactly the national average.
The cheapest authority is Pembrokeshire with an average £65 weekly rent and the most expensive is Newham in London, at £129.