DCSIMG

House price to salary gap getting wider

Business news from the Lancashire Evening Post

Business news from the Lancashire Evening Post

 

The gap between house prices and the average wage across Lancashire is widening again, latest figures have revealed.

According to figures published by Lancashire County Council’s statistical unit, the average house price in Lancashire’s 12-district area in 2011 was more than 5.3 times the county’s average salary.

That compares to 5.28 times in 2010 and 5.26 in 2009.

It represents the first major jump in the gap between house prices and average salary since 2008, when prices were 5.48 times the average wage.

According to latest figures from the Land Registry, the average house price in Lancashire currently stands at £107,001, considerably below the England and Wales average of £161,777.

But the figures coincide with claims made this week by estate agents in the Evening Post that the county’s property market is looking better than for some time.

Lawrence Rooney, owner of Lawrence Rooney Estate Agents in Longton, Preston, said last December was the busiest he had seen in five years. Burnley has the county’s lowest house prices, with only the Fylde and Ribble Valley having average prices in excess of £200,000.

 

Comments

 
 

Back to the top of the page