According to a recent study carried out by the Open Property Group, prices of Bath homes need to be dropped by 61% in order to become affordable.
The findings measured on The Affordability Index which measures average salaries for individual cities, along with house price data for each city, revealed that only Durham in the entire country has affordable housing.
According to the Index, the affordable house price for Durham is £112,941 while the actual price is £100,674.
An affordable house price in Bath would be £130,813.
However, the actual average house price in Bath is £335,481, which is a £204,668 difference.
This would mean house prices in Bath would have to drop by over £200,000 i.e. a staggering 61 per cent for them to be deemed affordable based on the data provided by the Open Property Group.
The Managing Director, Open Property Group, Jason-Harris-Cohen said in response to the findings from the study:
“Home ownership peaked in the UK in 2007. These figures show just how far out of reach the right of passage enjoyed by the Baby Boomer generation is for Millennials.
The Government needs to address the issue by providing better employment opportunities in the North, more incentives for first time buyers and by increasing the supply of affordable new homes in the South.
Naturally, if there is a better supply of available properties, prices could become more affordable as developers and home sellers compete to make their properties more saleable.”