Bexley Borough Property News

As I mentioned in a previous article, the average house price in Bexley is 11.12 times the average annual Bexley salary. This is higher than the last peak of 2008, when the ratio was 7.58. A number of City commentators anticipated that in the ambiguity that trailed the Brexit vote, UK (and hence Bexley) property prices might drop like a stone. The point is – they haven’t.  Now it’s true the market for Bexley’s swankiest and poshest properties looks a little fragile (although they are selling if they are realistically priced) and overall, Bexley property price growth has slowed, but the lower to middle Bexley 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. Bexley people are moving home less often than they once did. Data from the Office of National Statistics shows that the number of properties sold in 2016 is again much lower than it was in the ...

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 Bexley. 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 Bexley London Borough Council, some interesting figures came out... Bexley London Nationally 2007  £28,402  £28,907  £23,920 2008  £30,732  £30,238  £24,960 200...