This is why 62% of Hastings homes prices have risen by more than the area’s average annual salary
Hastings is the top place in the UK where homes have increased in value by more than average earnings, says Zoopla.
The average salary in Hastings is £25,800 – and 62% of homes in the town have gone up by more than this in the past 12 months.
The average property price is £285,000. Some 18,000 have increased in value by more than average earnings.
In Rother the average salary is £27,200 with 51% of homes in the district rising by more.
The average property price is £358,000. Some 21,000 have increased in value by more than average earnings.
Gráinne Gilmore from Zoopla said: “There has been strong demand from home buyers in the South East since the housing market reopened after the first lockdown in May last year.
“This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.
“At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move.
“This has put upward pressure on house prices, with values rising significantly.
“When this price rise is translated into pounds and pence, it means that almost a third of homes in the South East have risen in value by more than the equivalent of a year’s earnings in the region over the space of 12 months.”
The average salary and number of properties is based on Office for National Statistics (ONS) data.