2021 research, analysed by Openpropertygroup.com, shows that Cambridgeshire is the most affordable county to buy a New Build house and the North West is the most affordable region.
New data from National Statistics calculated affordability ratios based on ‘New Build house prices-to-workplace-based’ earnings. The higher the number/ratio, the less affordable, on average, it is for a person to purchase a house in their local authority district.
Worcestershire is the least affordable county to buy a new build house in, scoring the highest ‘New Build house price-to-workplace-based earnings’ ratio of 13.58. It was closely followed by West Sussex which had a ratio of 13.41 and Warwickshire which scored an affordability ratio of 13.23.
‘Sell House Fast’ Agency, Open Property Group Managing Director, Jason Harris-Cohen, said:
“Prices in the new build sector are directly related to supply and demand. The Government is well off its target of delivering 300,000 homes a year by the mid-2020s. A skills shortage has been compounded by COVID and Brexit, with experts estimating that we won’t reach the Government’s desired level of house building until 2032.”