Housing affordability- Cornwall compared
- rpwills
- Jul 21
- 2 min read
Updated: Jul 25
The Office for National Statistics released the annual housing affordability data on March 24th. This compares full-time earnings with house prices.
The data set includes median house prices, Median gross, full-time, annual workplace-based earnings and the ratio between the two. Another set of data uses median gross annual resident based earnings. Comparable data for all the data sets is available from 2003 onwards.
In 2024 Kensington and Chelsea had the biggest problem with affordability with an affordability ratio of 27.1 with Blaneau Gwent at the bottom with a ratio of 3.8. Cornwall was ranked 130 out of the 316 local authorities with a ratio of 8.1.
Looking at median earnings Kensington and Chelsea ranked 21st with earnings of £44,300, while Blaneau Gwent ranked 180th with £34,635. Cornwall was ranked 269th with £31,964.
It’s important to point out that the earnings figures used are for full-time so for a household where people are working part-time the affordability problem will be worse. Conversely if there are two high earners in a household the affordability issue will be different.
Another issue to consider is that house prices will be influenced by demand for dwellings for non-residential use and by migration of people with higher earnings to an area. In Cornwall prices are impacted by the high number of 2nd home and holiday lets and the movement of people with higher incomes and also spare capital. [If you sell a property in a high value location and purchase a comparable one for a lower price you have more resources].

Comments