Last Updated on: 23rd April 2025, 04:09 pm
The struggle to own a home in England is growing tougher, with soaring house prices increasingly outpacing wage growth. Open Property Group, a professional house buying firm based in Buckinghamshire, has expressed concern about the deteriorating state of housing affordability, particularly for first-time buyers.
Although average annual earnings have climbed by 5.6% over the past year, Open Property Group points out that property prices are rising even faster across most regions—making it harder for people to save and secure mortgages.
The company’s market review revealed that all English regions—with the sole exception of London—have seen house prices jump by at least 3% in the last 12 months. London, in contrast, experienced a slight price drop.
Yorkshire and the Humber saw the highest increase at 6.5%, followed closely by the Northeast and Northwest, with respective rises of 5.6% and 5.4%. These trends emphasise the growing gulf between average incomes and property costs in key regions.
Jason Harris-Cohen, Managing Director of Open Property Group, commented:
“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.”
The company’s analysis highlights the following price changes:
- 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%
Open Property Group continues to keep a close eye on market shifts and calls for renewed efforts to improve housing affordability across England.
