A landlord met with
me earlier this week to discuss the affordability of property in Morley, with
the current national market property market being in recovery with increasing
house prices. The best advice I can give to those looking to invest in property
is our secret trick of the trade. You can judge the affordability of a town by
simply finding the ratio of the average property price to the average salary.
The lower the ratio, the more affordable property is.
When we put this to
the test, we found that Morley currently has an average property value of
around £165,423 with the average salary being £20,545. This is a respectable
ratio of 1 to 8.05. Meanwhile in Pudsey the ratio of property values to salary
is 1 to 8.16, which suggests the property in the town is 1% less affordable
than in Morley.
We also had a look
at Beeston and Middleton and found the average salary is £14,316 and the average
property value is £135,648. This means that property in Beeston and Middleton is
a rather significant 17% less affordable than Morley, with a ratio of 1 to 9.47.
This could mean
that now is a brilliant time to invest in Morley’s property market, while the
average value of property is low compared to the average salary. If you would
like to talk to me about your potential investment, please give me a call.
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