Our recent Quality of Life in Warwickshire Report highlighted the state of the local housing market as a key message. The issue is multi-faceted and involves relationships between the availability of social housing, the scale and distribution of repossessions and the variable affordability of housing across the county.
One area the report did not cover was the affordability of rented accommodation. This sector is increasingly important; rents are rising due to high demand from people who are unable to buy a home and are being forced to rent instead. In many cases, buying a home is now cheaper on a monthly basis but the deposit requirements often force people into renting instead. We have examined the relative costs of renting across the county to see whether the inequalities in affordablility observed in the Quality of Life Report are also reflected in the rented sector.
The attached graphic illustrates the variability in affordability across the county. For example, the average rent level in Rugby Borough costs around one fifth of the average earnings, while in Stratford-on-Avon District the proportion is edging up towards one third of earnings. The figures also demonstrate the much closer relationship the housing markets in Stratford-on-Avon and Warwick Districts have with the south of England than with the West Midlands Region.
See the analysis here.