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Nottingham is one of the worst areas in England for housing affordability to fall over the past decade, analysis by removals platform Getamover.co.uk has revealed.
The average price of an existing home has increased from £95,500 in 2013 to £186,000 in September 2023.
Over the same period, median annual income increased from £25,217 to £30,151. This means that the average home price in 2013 was 3.79 times median income, and now it is almost double at 6.17 times median income, representing an increase of 62.80%.
Different areas of London rank highly in the survey.
The London borough of Barking and Dagenham has seen the biggest decline in the affordability of homeownership across England.
Housing prices rose more than twice as much as incomes, and the ratio soared by 100.73%.
The average price of existing homes in the area rose by £202,500, but the median annual income only increased by £2,182.
In second place was Hillingdon in west London, where the average house price rose by £230,000 to £495,000.
Meanwhile, the average annual income of residents has increased by just £143. During this period, the ratio of house prices to income increased by 85.98%.
There are similar stories in London’s Waltham Forest and Redbridge boroughs.
Oadby and Wigston in Leicestershire is the London suburb where the affordability of homeownership has fallen the most, ranking fifth overall in the study.
Over the past 10 years, the house price to income ratio has increased by 67.90%, with the average house price increasing by £129,000 and average annual income increasing by £2,644.