As house prices continue to outstrip wage growth in most parts of England, Open Property Group has warned that the housing market is drifting further out of reach for aspiring homeowners. The Buckinghamshire-based firm is urging action to close the growing affordability gap.
Despite a 5.6% rise in the average salary over the past year, the company’s latest data shows that property prices have risen even more sharply across most regions—undermining progress for first-time buyers.
According to Open Property Group, every region in England except London recorded at least a 3% increase in house prices in the past 12 months. London was the only area to experience a marginal decline.
Yorkshire and the Humber topped the list with a 6.5% rise, while the Northeast and Northwest followed at 5.6% and 5.4%. These figures point to a significant affordability imbalance in several parts of the country.
Jason Harris-Cohen, Managing Director of Open Property Group, said:
“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.”
Breakdown of average house 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 remains committed to monitoring these trends and supporting initiatives that help bring the goal of homeownership closer to reality for more UK residents.
