Scilly No Longer ‘Least Affordable Place In Country’

hugh town housesScilly is no longer Britain’s least affordable place for home ownership by locals.

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.



7 Responses to Scilly No Longer ‘Least Affordable Place In Country’

  1. pete August 13, 2015 at 11:42 am

    Typical Tory propaganda. They do not tell lies but they do not tell the whole truth either. Trying to con people that they are living in a land of milk and honey. Let them try and live over here on minimum wage.

  2. pete August 12, 2015 at 2:33 pm

    Working that figure out means that the average council rent is approximately £10 per week. To get a average of £95 per week.

  3. pete August 12, 2015 at 11:09 am

    What about private landlords and the duchy rents. Are these not taken into consideration. It was not long ago when someone was asking £100 per week for a GARDEN SHED

    • Adam Morton, St.Martins August 12, 2015 at 12:05 pm

      It can’t be including Duchy rents, most I know of are about £150 a week! The first 10 properties on a local estate agents are between £450k and £1.2m. The recent Council local plan puts incomes at an average of £13660 which is actually puts the cost at 33 times the annual income( minimum).

      • Andy Hargreaves August 12, 2015 at 12:37 pm

        Hi Adam

        The data quoted is the most recent Office for National Statistics data and covers the whole 14/15 financial year, not just a snapshot. Also, remember asking prices are not property values. For info, the median monthly private rent for Scilly in 2014 was £715 (although there’s no detail of whether this includes Duchy rents).
        Regards
        Andy Hargreaves
        Editor

        • Adam Morton, St.Martins August 12, 2015 at 1:25 pm

          So what you’re saying is that Council rents bring the average down to £95 a week?

          • Andy Hargreaves August 12, 2015 at 2:41 pm

            The median value for social housing rent on the islands, including Council and Housing Association property is £95 per week according to the ONS data for 2014. The median value for privately rented property on the islands is £715 per month (I don’t know why one is given weekly and one monthly).

            There is no indication in the data whether the Duchy has been classed as social housing or private. Hope that’s clearer Adam!

            Regards
            Andy Hargreaves