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Showing posts from November, 2017

Royal Tunbridge Wells Home Owners Are Only Moving Every 16 Years (Part 1)

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As I mentioned in a previous article, the average house price in Royal Tunbridge Wells is 13.43 times the average annual Royal Tunbridge Wells salary. This is higher than the last peak of 2008, when the ratio was 9.61. A number of City commentators anticipated that in the ambiguity that trailed the Brexit vote, UK (and hence Royal Tunbridge Wells) property prices might drop like a stone. The point is - they haven’t. Now it’s true the market for Royal Tunbridge Wells’ swankiest and poshest properties looks a little fragile (although they are selling if they are realistically priced) and overall, Royal Tunbridge Wells property price growth has slowed, but the lower to middle Royal Tunbridge Wells property market appears to be quite strong. Scratch under the surface though, and a different long-term picture is emerging away from what is happening to property prices. Royal Tunbridge Wells people are moving home less often than they once did. Data from the Office of National Statistics show

Royal Tunbridge Wells House Prices Outstrip Wage Growth by 38.85% since 2007

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I recently read a report by the Yorkshire Building Society that 54% of the country has seen wages (salaries) rise faster than property prices in the last 10 years. The report said that in the Midlands and North, salaries had outperformed property prices since 2007, whilst in other parts of the UK, especially in the South, the opposite has happened and property prices have outperformed salaries quite noticeably. As regular readers of my blog know, I always like to find out what has actually happened locally in Royal Tunbridge Wells. To talk of North and South is not specific enough for me. Therefore, to start, I looked at what has happened to salaries locally since 2007. Looking at the Office of National Statistics (ONS) data for Tunbridge Wells Borough Council, some interesting figures came out... Tunbridge Wells South East Nationally 2007   £29,042   £26,120   £23,920 2008   £29,838   £27,290   £24,960 2009   £29,853   £