Housing Market

The volume of housing sales fell sharply in 2008 and 2009. Since then the numbers of properties being sold has increased steadily, buoyed in recent years by increasing amounts of new house building. Sales fell markedly during the COVID-19 pandemic, but the data is subject to revision.

Source: MHCLG and HM Land Registry (LG Inform API)

In 2018/19, 36% of dwellings were built on previously developed land (brownfield). This was below the target of 65% for dwellings and the target of 40% for employment floorspace.

The Local Development Framework (LDF) Annual Monitoring Reports provide detailed information about housing and commercial building development over the past year.

Affordability (to buy)

In the 12 months to the end of September 2020, the median house price was £156,995, representing an annual price increase of just 0.6%. The lower quartile house price was £115,000, representing an annual price decrease of 0.9%.

In 2002, the median house price was 3.5-times the median gross earnings of people working full-time but by 2005 the ratio had risen to 5.6-times (based on earnings of residents). Over the last eight years the median price/earnings ratio has increased gradually. The lower quartile price/earnings ratio has fluctuated more and has also increased gradually over the past seven of eight years.

Source: ONS (LG Inform API)

In 2020, 85% of new properties sold were priced over £150,000. (This excludes sales of properties below full market rates, e.g. S.106 sales to social landlords). In 2019, data from the Halifax Building Society showed that in the Yorkshire and Humber region the average first-time buyer put down a 18% deposit on their first house purchase (around £28,000).

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