House prices in many parts of Essex have risen to almost 10 times local earnings during 2002 making it harder than ever for first-time buyers to gain a foot on the home-owning ladder.
But Chelmsford is not one of the most expensive places to buy because the average buying price of a home last year was £172,968, which is 7.41 on the index of property price divided by income and where the local annual income is calculated at £23,302.
The figures, released by housing experts at Barclays in their annual end of year market review, shows that the most affordable place for people to buy, particularly first-time buyers, is in north-east Essex in the district of Tendring.
Published Thursday, January 2, 2003
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