Suburbs match Bristol and York in ‘unaffordability’ stakes
PUBLISHED: 08:14 08 June 2016
Parts of Weston have seen house prices balloon to become some of the most ‘out of reach’ in the whole of England, a Mercury analysis has found.
The typical house in the BS24 postcode will now take someone earning an average wage for the area nearly eight years to afford, ranking it among fashionable cities like York and Bristol as some the most unaffordable areas in the country.
Lloyds Bank carries out an annual review of the most unaffordable cities in England, measuring average house price against typical salaries for an area.
The Mercury used the same methodology to analyse the extent of the issue in Weston – and found prices in the leafier part of the town, and the surrounding villages, have rocketed in recent years, while wages have stagnated.
The most expensive area in England is currently Oxford, where house prices have risen to more than 10 times the average salary, while in York and Bristol a typical home will set you back more than seven-and-a-half years’ wages.
The same can now be said for BS24, which includes Wick St Lawrence, Bleadon and Hutton, after average house prices jumped by almost £40,000 in a single year.
One estate agent told the Mercury he had noticed a ‘massive price rise’ in the area since 2015, which was making the area prohibitive for people currently living in Weston.
Adam McLachlan, of Mayfair Estate Agents, said: “It’s a hard market to buy in and becoming extortionate. There has been a massive price rise of about 10 per cent in the whole area in the past year and it’s getting unaffordable.
“That will have a huge impact on people buying so I would think affordability has gone down a lot, and we are starting to line up alongside the likes of Bristol and Portishead in the price stakes.
“Look at it as a typical area and you have got Bleadon and Hutton, you get people coming down from Bristol and seeing what they can get for their money without buying right in the centre of Weston.
“People who are moving out from other areas of Weston can’t afford that. And for first-time buyers, it’s an even bigger struggle.”
Elfan Ap Rees, a councillor for part of BS24 and executive member covering housing for North Somerset Council, said it was inevitable some areas of the town, and its surroundings, would be more expensive than others.
He said: “It’s the style of properties to some extent, it’s an area which is outside the mass-build houses.
“Clearly, there may be some new building going on within the BS24 area, it covers all starter homes and other houses but houses that are well-established are older generation and tend to be family houses, and it’s a different market in a way.
“There’s always going to be more desirable areas and if you want to buy a house on the seafront, it’s going to set you back more than one in Worle.
“In North Somerset, house prices tend to be less than in Bristol and it’s a choice for people of where they want to live.”