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Weald property price outstrip wages

01:00, 16 October 2016

Workers are being priced out of the housing market in Kent with property prices 13 times more than the average wage in some areas.

Tunbridge Wells is ranked second out of all boroughs in Kent, exceeded only by Sevenoaks, where prices are 13.7 times the average wage.

But even in the affluent borough of Tunbridge Wells, where the average wage is £35,331 a year, the average house price is 10.6 times higher, at £372,840 – up from £340,322 last July.

Maidstone Borough is ranked sixth. The average wage is £29,892 a year, the average house price is 9.3 times higher, at £277,692.

The county average multiple now stands at over 10.4 times.

Banks and building societies will only lend people a maximum of 4.5 times their income, meaning workers in and around Tunbridge Wells have £158,990 to spend.

But last year the average price of a flat in the borough was £224,918.

According to property website, Right Move, the most sales in Paddock Wood involved terraced properties which sold on average for £283,596, while detached came in at £602,800 and semi-detached fetched £322,725.

The problem is the same across Kent and the whole of the south east according to a new report from trade union, GMB.

Stock image
Stock image

In the South East as a whole, the average house price in July 2016 was £313,315 which is 10.4 times the average full time earnings of £30,074.

Average house prices in the South East increased by 11.9% in the year to July 2016.

The situation is most extreme in South Bucks where average house prices are 18.5 times average earnings.

Paul Maloney, GMB regional secretary, said a massive programme to build more affordable houses is absolutely essential and has to get under way without delay.

According to the National Housing Federation, the South East needs 39,000 new homes every year until 2031. Tunbridge Wells Borough Council is developing a new local plan to help meet its objectively assessed housing need of 12,960.

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