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Energy efficiency ratings currently having limited impact on house prices despite push to go green

  • 1.7% house price premium for an owner occupier property rated A or B compared to a D-rated home
  • Properties rated F or G attract a 3.5% discount compared to a similar D-rated property

London sees biggest house price premium as households still attach significant value to transport links despite the pandemic

  • £46,800 premium in London for property 500m from nearest station, compared with a similar property 1,500m (1.5km) away
  • Slight increase in London premium to 9.7% from 8.6% in 2019/20
  • £11,400 in Glasgow and £11,000 premium in Greater Manchester on comparable basis
  • Glasgow sees biggest increase in premium (7.2% up from 3.5% in 2019/20)
  • Manchester premium falls to 6.1% (from 9.0% in 2019/20)

Local affordability special report: where are the most & least affordable areas in each region?

Nationwide's recent Affordability Report identified there had been a significant widening in the gap between the least affordable and most affordable regions. However, there is also considerable variation within regions and this report explores this further.

Affordability special report: raising a deposit rather than mortgage payments the major barrier for first time buyers

  • High house prices relative to average earnings continue to make raising a deposit a significant barrier for first time buyers (FTBs)
  • 20% deposit equivalent to 104% average income
  • But low mortgage rates mean the cost of servicing a mortgage as a share of take-home pay is close to the historic average
  • Significant variation by region and occupation
  • North & Scotland remain most affordable regions

National Parks produce 20% price premium

  • 20% premium for a property situated within a National Park
  • 6% premium for a property within 5km of a National Park

2010s weakest decade for house price growth since 1990s but affordability metrics present a mixed picture

  • House prices up 33% in 10s vs 180% in 80s
  • London top performer in 2010s with house prices rising twice as fast as UK average
  • Low interest rates have helped support affordability through the decade
  • High house price to earnings ratio make deposit a major barrier for first time buyers

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