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EDITIONS
 Thursday, 19 December, 2002, 12:38 GMT
Wages outstripped in housing hotspot
Property graphic
Property prices in parts of Wales are booming
A housing report has revealed Monmouthshire has the most expensive property market in Wales where prices are six times more than the average local salary.

The typical cost of buying a house in the area is 142,381 - which is 6.39 times more than the average earnings of 22,275.

Wales is much better placed that the rest of the country

Gordon Rankin, Barclays Private Clients

Analysis published on Thursday by Barclays Private Clients showed despite the figures, Welsh housing was still less expensive compared with parts of England.

It also revealed the cheapest housing in Wales could be found in Merthyr Tydfil where property was priced at just twice the cost of the average salary of 17,026.

Monmouthshire was joined by Powys in having property prices above the English and Welsh average of 5.98 times the local incomes.

Cardiff, with an average house price of 120,303 was put at 5.65 times the local salary and the Vale of Glamorgan - which is the highest earning area of Wales - was just over five times.

Couple looking in an estate agents window
Top prices in Wales are still cheaper than London

Gordon Rankin, marketing director of Barclays Private Clients, said: "Wales is much better placed that the rest of the country in terms of property being realistically compared to incomes."

Research showed the price of property in the south east of England was far higher than in the rest of the country.

In Kensington and Chelsea, houses are marketed at more than 18 times the annual local incomes.

This is despite Kensington enjoying the highest national earnings of 36,493.

Property ladder

Mr Rankin said: "The difference between income and property prices is not everything in terms of affordability as many already have a lot of equity in property.

"However, the date does give real insight into those areas which are hot spots at the moment," he added.

In September, a new scheme was offered to help first time buyers trying to get on the property ladder in Monmouthshire.

It gave people the chance to purchase their own home at half the asking price with Gwerin Housing Association, taking a 50% equity stake in the house, with the new owner paying the other half with a mortgage.

The scheme was introduced to help local people buy in rural areas.


More from south east Wales
See also:

19 Dec 02 | Business
26 Nov 02 | Wales
13 Nov 02 | Wales
10 Oct 02 | Wales
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