Cost of living goes through roof
EAST Anglia is one of the most expensive regions to live in, according to new research.A new report shows homeowners in the region earn less than the national average but pay more for their homes.
By Joanne Constable
EAST Anglia is one of the most expensive regions to live in, according to new research.
A report shows homeowners in the region earn less than the national average but pay more for their homes.
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Cheltenham and Gloucester, the UK's third largest residential mortgage lender, found that the average income for men in the region is £2,000 less than the average in the UK.
But 35 per cent of that money taken home is spent on paying for their house, higher than the national average and the worst since 1992 after the interest rate boom.
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Lee Hart, C&G's regional manager for East Anglia, said: "For East Anglia the difference in earnings, although only marginally less than the UK average, is not outweighed in the same way by house prices – which are on par with the national average – making this area one of the more expensive regions to live."
East Anglia rates fourth on C&G's housing affordability index, behind the South East, South West and London.
Out of every £100 the average single East Anglian earner takes home, £35.30 is swallowed up paying for the mortgage.
This is grim reading for residents especially as they pay £13.10 more than those living in the north.
"House prices or interest rates, combined or individually, will never give a true picture of the state of the property market.
"Homeowners tend to regard their monthly payments as a guide to how affordable a property actually is," said Mr Hart.
The average male income in the region is £24,048, compared to the £26,145 UK average. The £17,849 average income for women is also below the £19,602 national average.
According to C&G the average joint income in East Anglia is £41,897, £3,850 below the national average. However the average house price in the region is £129,527, £2,042 lower than the national average.
Housing Affordability Index
Region Cost per £100 of take home pay
South East £43.00
South West £41.40
East Anglia £35.30
West Midlands £32.00
East Midlands £29.70
North West £25.40
Yorkshire and Humberside £24.20