According to my research, anyone looking to get a foot onto the property ladder as a first-time buyer in East Grinstead today, AS A SINGLE PERSON, would need to spend 13.5 times their earnings on an East Grinstead first time buyer property.
Using the numbers from the Office of National Statistics (ONS), the average value of a first-time buyer property in East Grinstead today is £270,000, compared to £189,000 in 2007. If we divide those property values by the average annual earnings of first time buyers - in 2007, that was £17,485 pa and that has risen to £20,043 pa .. giving us the ratio of 13.5 to 1.
This means the demand for privately rented accommodation will, in the long term, only continue to grow. If you would like to know more about where the hot spots are for that growth in East Grinstead, then drop me or our lettings manager Ally Hutchings an email (kate@alexandre-boyes.co.uk / ally@alexandre-boyes.co.uk) or telephone call 01342 321142, feel free to pick our brains on the best places to buy (and not to buy) in East Grinstead to ensure your rental investment gets you what you want.