Our Regional Market Report series examines how each local planning authority (LPA) is performing in the East of England
In this report we look at how LPA's housing markets perform over the past ten years, and look at their affordability.
East of England House Price Growth Over Ten Years
Over the decade spanning July 2013 to July 2023, the East of England has seen its house prices grow from £101,279 to £352,723 – growth of 75.25%. This outpaces England’s overall house price growth of 67.49% (£184,274 to £308,633).
Looking at the counties in the East of England, Bedfordshire and Essex have the most substantial growth in house prices, outpacing the East of England as a whole. While Cumberland lags significantly behind the other counties. Here are their growth rates in order:
- Bedfordshire: 83.26%
- Essex: 80.52%
- Norfolk: 75.73%
- Cambridgeshire: 74.79%
- Suffolk: 71.57%
- Hertfordshire: 68.69%
- Cumberland: 36.58%
East of England House Price Growth over One Year
Between July 2022 and July 2023, the East of England saw house prices grow by 0.20%, slightly below England’s overall 1-year house growth of 0.65%
East of England Affordability
Affordability compares the average house price of the area to its annual average earnings. So an affordability of 7 for example, would see house prices being at 7 times annual average earnings.
Affordability for the East of England overall has house prices at 10.27 times average earnings, pricier than England’s overall affordability of 9.29.
In Suffolk, Babergh is experiencing the least affordable houses with an affordability multiple of 11.38, while Ipswich is the most affordable, with an affordability multiple of 7.98.
In Essex, Epping Forest has the least affordable housing with an affordability multiple of 14.18, while Colchester offers the most affordable houses with a multiple of 9.00.
In Bedfordshire, Bedford is seeing the least affordable houses with an affordability multiple of 10.30, while Luton is the most affordable, with a multiple of 8.93.
In Norfolk, North Norfolk has the least affordable housing with an affordability multiple of 11.60, while Great Yarmouth has the most affordable houses with a multiple of 6.90.
In Hertfordshire, Hertsmere is the least affordable area with an affordability multiple of 15.72, while North Hertfordshire is the most affordable with a multiple of 9.34.
In Cambridgeshire, Cambridge has the least affordable housing with an affordability multiple of 13.45, while Fenland offers the most affordable houses with a multiple of 7.33.
There is no data for affordability for Cumberland.