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.