Thursday 19 May 2016

Have House Prices In Sunderland Risen 5 Times Faster Than Wages Since 2011??

The Resolution Foundation, a leading Think Tank, has just reported that average house prices across the UK have risen by 36% since April 2011 whilst earnings have "only" risen by 7% during the same period, an increase in house prices that's 5.1 times the increase in earnings

They cite that the gap is even bigger in London & the Southeast, where prices have risen by 57% and 39% respectively



Looking further afield they claim the following 

"Even in Scotland and the north-east of England, where house price growth has been most modest over the last five years, it has been roughly double the pace of average earnings growth."

I've had a look at the figures for Sunderland myself and I'm afraid this just doesn't stack up!

The average sold price of a property in Sunderland in April 2011 was £131,896 and is now £127,183 a reduction of 3.6%

During this time average full time weekly earnings in Sunderland have risen from £452 per week in April 2011 to £481, an increase of 6.6% (which is in line with the Resolution Foundation figures)

So...based on these figures, properties in Sunderland are now more affordable than in 2011

This sort of London-centric reporting is dangerous because it informs housing policies, when the reality out in the 'provinces' is a million miles away from the spin

Of course there's no such thing as a UK  average housing market or even a Sunderland average housing market (interestingly despite average Sunderland prices falling by 3.6%, average sold prices for semi detached properties in Sunderland increased by 6% and the average sold price for flats increased by 14% during the same period) so if you are thinking of investing in Sunderland seek out expert local advice 

Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for a free, no obligation chat about any aspect of the Sunderland property market

11 comments:

  1. Hello..... One way to sell a house that has been in the market for a long time is to motivate the real estate agents. I have learned that reducing the price of the house in order to make it more attractive to buyers doesn't work much. Instead, increasing the commission of the agents is a better way of getting fast action in selling a property. Inform all agents about your new commission scheme and you'll see that they would be scrambling to get your house sold quickly for higher commissions.Read more-house sold prices

    ReplyDelete
  2. Hello..... One way to sell a house that has been in the market for a long time is to motivate the real estate agents. I have learned that reducing the price of the house in order to make it more attractive to buyers doesn't work much. Instead, increasing the commission of the agents is a better way of getting fast action in selling a property. Inform all agents about your new commission scheme and you'll see that they would be scrambling to get your house sold quickly for higher commissions.Read more-house sold prices

    ReplyDelete
  3. Hello admin,
    I am seeing your blog, its really awesome and i am verry happy.
    Oh yes, i have also a site related to you.
    I am seeing that you are selling home. I have also a site related to you.
    This article discusses some advantages and disadvantages to owning a home. It also discusses if renting or owning would be better for you.

    houses to rent

    Your regards
    Alfaj Ripon

    ReplyDelete
  4. Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place.. اجاره روزانه آپارتمان مبله در تهران

    ReplyDelete
  5. A normal sale charge will be worth around a few percent of the estimation of your property in addition to V.A.T. You will wind up losing this cash before you will have the option to get any cash off of your property through a closeout. Clavon condo

    ReplyDelete
  6. You there, this is really good post here. Thanks for taking the time to post such valuable information. Quality content is what always gets the visitors coming. Raineth Housing

    ReplyDelete
  7. I was searching for many blogs site and now finally I have got this cool place with lots of information.
    navigate to this site

    ReplyDelete
  8. t you have provided for us. I assure this would be beneficial for most of the people.Home

    ReplyDelete
  9. Midtown Modern Prices Margaret Ville Condo by MCL. Hotline 61234567. New Launch Queenstown Condo in Singapore. Get Direct Developer VVIP Pricing, Floor Plan, Discounts & more.

    ReplyDelete
  10. Examination led by BRANZ shows that New Zealand house rentals have now become a significant piece of moving towards homeownership. del mar ca office space for rent

    ReplyDelete