Within Britain, Scotland has the most affordable new-build housing market based on price data in relation to gross earnings, according to the latest research from Warwick Estates.
In Britain, the average new-build house price was found to be £354,811 while the average gross salary is £31,770, creating a new-build affordability ratio of 11.2.
At a national level, England was home to the highest ratio at 11.3, falling to 10.0 in Wales and 8.6 in Scotland, making it the most affordable new-build nation in Britain.
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The North East is home to the lowest affordability ratio of all regions of England at 8.4, followed by Yorkshire & Humber (9.2), and then the North West (9.8).
At a local authority level, the most affordable new-build market in England is Hyndburn, Lancashire, where an average new-build price of £115,420 and average salary of £25,539 make an affordability ratio of 4.5.
This is followed by Burnley, Lancashire (5.5), Copeland, Cumbria (5.5), Stockton-on-Tees (6.1), Barrow-in-Furness (6.6), and County Durham (6.6).
The least affordable local authority areas in England are Rochford, Essex (23.4), South Hams, Devon (21.3), Harlow, Essex (21.1), Cotswold, Gloucestershire (20.3), Gravesham, Kent (20.1), and North Devon (18.6).
Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
Bethan Griffiths, chief operating officer of Warwick Estates, said: “While new-build homes tend to carry a house price premium versus the wider market this doesn’t necessarily mean they’re less obtainable to the average homebuyer.
“As with the regular market, this affordability is largely dependent on location which influences both the value of property as well as the average earnings on offer.
“The good news is that the nation’s housebuilders recognise this and so in areas with lower levels of income, you will also find values are far lower.
“In fact, these areas account for some of the most affordable when it comes to the average new-build house price to income ratio.”
By Jake Carter
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