Thursday, 17 September 2015
Eastwood has some of the most affordable properties in the region
A landlord called me up this week to discuss the affordability of property in Eastwood, with the current regional property market being generally in recovery with increasing house prices. The best advice I can give to those looking to invest in property is one of our secret tricks 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 Eastwood currently has an average property value of around £142,500 with the average salary being £19,675. This is a respectable ratio of 1 to 7.24. Meanwhile across the motorway in Hucknall, the ratio of property values to salary is 1 to 7.77, which suggests the property in that town is 7% less affordable than in Eastwood.
Both towns compare favourably though to the overall average of Nottinghamshire where the average property value is £157,600 and the average salary is £18,892, giving a ratio of 1 to 8.34.
This means that property generally in Nottinghamshire is a rather significant 13% less affordable than Eastwood, with a ratio of 1 to 8.34.
This could mean that now is a brilliant time to invest in Eastwood’s property market, while the average value of property is low compared to the average salary. If you would like to talk to us about your potential investment, please come into our offices.