A landlord came in to our office earlier this week to discuss the affordability of property in York, with increasing house prices in the national property market. The best advice I can give to those looking to invest in property is our secret trick of the trade. You can judge the affordability of a town by simply finding the ratio of the average property price to the average salary. The lower the ratio, the more affordable property is.
When we put this to the test, we found that York currently has an average property value of around £282,200 with the average salary being £33,180. This is a respectable ratio of 1 to 8.51.
Meanwhile in Selby the ratio of property values to salary is 1 to 9.7, which suggests the property in the town is 14% less affordable than in York.
We also had a look at Harrogate and found the average salary is £23,683 and the average property value is £291,100. This means that property in Harrogate is a rather significant 44.42% less affordable than York, with a ratio of 1 to 12.29.
This could mean that now is a brilliant time to invest in York’s property market, while the average value of property is low compared to the average salary. If you would like to talk to me about your potential investment, please do call me on 07775 828759 or pop into the office.