House prices ten times Suffolk earnings
PROPERTY prices in some parts of Suffolk have risen to almost 10 times local earnings, a new report has revealed.The study, conducted by Barclays, highlighted the Babergh district as one of the most difficult areas of East Anglia to get on the housing ladder.
PROPERTY prices in some parts of Suffolk have risen to almost 10 times local earnings, a new report has revealed.
The study, conducted by Barclays, highlighted the Babergh district as one of the most difficult areas of East Anglia to get on the housing ladder.
The average purchase price of a house in the district is £170,000, more than eight times the average local annual income, calculated at £20,656.
That ratio of 8.23 makes the Babergh district the 11th most expensive places for housing in the region, just below Cambridge, where the ratio is 8.89.
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But houses across the county in the Ipswich borough appear to be more affordable. A ratio of 5.11 makes it the fifth most affordable place to live in the region, aside from Peterborough, the Waveney district, Great Yarmouth and Fenland. The average property price in the Ipswich borough was £105,521 and the average local annual income was £20,656.
The average rental for a one or two-bedroom flat in Ipswich is currently between £425 and £450 a month.
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