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Ratio of median house price (newly built dwellings) to median gross annual (residence-based) earnings (20566) Metric type
- Help text
- This is the median housing affordability ratio (residence-based) for newly built dwellings and is calculated by dividing house prices by gross annual earnings, based on the median of both house prices and earnings. This measure of affordability shows what the people who live in a given area earn in relation to that area's house prices, even if they work elsewhere. This measure does not consider that people may be getting higher earnings from working in other areas. A higher ratio indicates that on average, it is less affordable for a resident to purchase a house. Conversely, a lower ratio indicates higher affordability in a local authority. The earnings data are from the Annual Survey of Hours and Earnings which provides a snapshot of earnings at April in each year. Earnings relate to gross full-time individual earnings on a place of work basis. The house price statistics come from the House Price Statistics for Small Areas, which report the median and lower quartile price paid for residential property and refer to a 12 month period with April in the middle (year ending September).
- Modified
- 03 Aug 2023
- Data last updated
- 03 Aug 2023
- Short label
- Median housing (new dwellings) affordability ratio (residence-based)
- Status
- Live
- Output precision
- 2
- Polarity
- a low value is good
- Measure
- Ratio
- Dataset
- Ratio of house price to residence-based earnings (lower quartile and median)
- Source
- Office for National Statistics
- is found in the following lists
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