Based on two measurements, housing affordability across Somerset has significantly deteriorated over the past 1-2 years as the earnings of residents have not kept pace with fast pace of house price growth. Average housing affordability across Somerset broadly matches that seen nationally – average (median) house prices in 2022 now equating to c8.9x average earnings. However, affordability issues in Mendip are more heightened – the average house price equating to c9.33x average earnings.
Looking at the alternative measure of lower quartile (lowest 25%) average house prices as a ratio of lower quartile earnings shows that housing affordability at the lower end of the earnings scale is equally difficult, and has again deteriorated during 2021-22, as demand for housing in rural areas increased post-pandemic. For example, the lowest quartile house price in Mendip is c9.64x lower quartile earnings. Across Somerset the ratio is almost 8.92x.
Source: Housing affordability in England and Wales – Office for National Statistics (ons.gov.uk)
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