Property is Pricey in Wales: Six Times the Average Wage

Oct 10, 2016

Our research reveals the most expensive regions to live in Wales according to average wage to house price ratio.

Click here for the full UK report.

The data looks at the average wages earned in each region compared against the average house price to highlight where across the country homeowners are worse off due to the price of their property and money they earn. The research shows that on average across Wales the average house costs seven times the average wage.

Despite lower annual wages than those found in England, the property in Wales comes with a more affordable price tag. The highest average wage is £20,956, which is found in Cardiff, however, the Welsh capital does not have the highest property value at just nine times the average wage. It placed third after Monmouthshire and Vale of Glamorgan, where both have lower average wages but significantly higher property prices than the city, with both hitting double figures for the property price to wage ratio.

Property is Pricey in Wales: Six Times the Average Wage

Monmouthshire claimed the first spot for unaffordability in Wales, with the average house price costing £221,345. The wage to house price ratio is 12 times the average annual salary (£18,980) with a +7% increase in the last year. As a result, it would take a person making the average wage over 12 years to be able to bridge the deficit.

Following closely behind Monmouthshire is the Vale of Glamorgan as the second most expensive in the country, where the average house price ratio stands at 11 times the average wage (£18,356). The current average house price there is £199,693, rising +5% from last year and it would take homebuyer making the average wage 11 years to save enough money.

Blaenau Gwent ranked most economically affordable in Wales, and second in the United Kingdom overall, with the average property four times the average wage. The average property cost in this region is £79,715, but has enjoyed a notable +10% increase in the past 12 months.

The lower cost of the Welsh property market reflects the wages on offer in the country, but it is still a more affordable market than the English market with the average gap in house prices six times the wage compared to nine in England.

The majority of regions in Wales are also increasing in value, making it a good time to invest in property before the wage to property price gap tilts further towards unaffordability.

Russell Quirk

Founder & CEO,

Region Average Price Current 12 Month Change (%) Annual Wage # of Times the Av. Wage
Monmouthshire £221,345 7% £18,980 12
Vale of Glamorgan £199,693 5% £18,356 11
Cardiff £189,419 7% £20,956 9
Ceredigion £167,847 -2% £18,772 9
Pembrokeshire £150,351 -1% £17,056 9
Powys £166,751 5% £19,240 9
Conwy £152,814 9% £18,408 8
Gwynedd £141,881 -2% £17,576 8
Wrexham £147,344 5% £19,136 8
Newport £149,588 6% £20,020 7
Denbighshire £140,027 0% £19,916 7
Carmarthenshire £131,905 5% £18,980 7
Swansea £133,458 0% £19,240 7
Bridgend £133,600 5% £19,812 7
Isle of Anglesey £156,392 2% £23,400 7
Flintshire £155,940 4% £23,452 7
Torfaen £129,738 8% £20,852 6
Caerphilly £121,061 7% £21,164 6
Rhondda Cynon Taf £98,616 3% £19,656 5
Neath Port Talbot £102,046 2% £21,268 5
Merthyr Tydfil £94,907 1% £19,968 5
Blaenau Gwent £79,715 10% £19,968 4
Wales £144,838 4% £24,617 6