With house prices continuing to soar across England, first-time buyers are finding it harder than ever to take that first step onto the property ladder. Open Property Group, a professional home buying company headquartered in Buckinghamshire, has voiced concern over the deepening affordability crisis facing hopeful homeowners.
While average annual wages have increased by 5.6% over the past year, Open Property Group points out that in most areas of the country, property values have climbed even faster—putting further pressure on potential buyers.
Their latest review of the market shows that all English regions except London have recorded price increases of at least 3% over the last year. London was the only region where prices slightly fell.
In regions like Yorkshire and the Humber, house prices surged by 6.5%, with the Northeast and Northwest not far behind at 5.6% and 5.4%, respectively. These statistics underline the growing disconnect between what people earn and what they need to afford a home.
Jason Harris-Cohen, Managing Director of Open Property Group, noted:
“While salaries are growing faster than house prices in some areas, affordability remains a challenge for many aspiring homeowners due to the persistent gap between income and property values.”
Open Property Group provided the following regional data:
- Yorkshire and the Humber – average house prices increased by 6.5%
- Northeast – average house prices increased by 5.6%
- Northwest – average house prices increased by 5.4%
- East Midlands – average house prices increased by 4.2%
- West Midlands – average house prices increased by 4.1%
- Southwest – average house prices increased by 3.8%
- Southeast – average house prices increased by 3.4%
- East of England – average house prices increased by 2.9%
- London – average house prices decreased by 0.1%
As housing affordability worsens, Open Property Group continues to champion solutions that make homeownership more accessible for a wider range of buyers across England.
