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House prices are up by 75 per cent
NEW statistics have revealed house prices in Southend have risen by more than 75 per cent in the past decade.
In the same period, the National Housing Federation says salaries in the borough have risen by 31 per cent to almost £23,000 since 2002 with the amount of people privately renting also increasing by 30 per cent.
Meanwhile, Rochford has seen the lowest rise in wages over the past decade, at only 9 per cent, with house prices going up the least, at 43 per cent.
In Basildon, house prices have risen 60 per cent in the last ten years, compared to 49 per cent in Castle Point, although the amount of people privately renting has gone up 16 per cent and 23 per cent respectively.
Alexander Ashe, senior executive branch manager at Bairstow Eves, in London Road, Westcliff, and said the rise in price of privately rented homes was linked to the rise in house prices.
He said: “Prices are going up extremely quickly and have gone up between 5 and 10 per cent alone since the start of the year – so a house that cost £175,000 in January may cost up to £192,000 now.
“Luckily, people can still take advantage of the Help to Buy scheme, so first time buyers or home movers are still able to get significant help.
More and more people are taking advantage of this scheme.
“With prices going up, it follows suit that more people are looking to rent.”
The National Housing Federation says the rise in prices is pushing house prices and private rents out of reach for local workers, with the average salary in Essex increasing by just 24 per cent in the last ten years, to £22,000.
Claire Astbury, East of England external affairs manager for the National Housing Federation, said: “High house prices, rising rents and low and stagnant wages in Essex are not only making life extremely difficult for people living and working in the county, but they are also affecting employers and businesses and risk holding back any prospects of economic growth.”
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