The housing crisis in the South West

The South West faces a combination of high house prices and low wages resulting in an acute housing crisis. With cities, historical towns, many rural communities and long stretches of coast this is a diverse region with pockets of deprivation. This report provides local data on the housing market in the South West and highlights that:

  • The average house price is over £256,000 and in some areas it is much higher – house prices in the Cotswolds are almost 50% higher than the regional average
  • House prices are more than 10 times the average salary and households would need a pay rise of £33,600 to afford the average home
  • The average cost of renting is over £700 a month, swallowing up around 35% of local incomes
  • House prices in rural areas are roughly £6,500 higher than in urban areas. At the same time, incomes in these areas are lower, meaning that those living in rural areas face an additional squeeze on their finances
  • More than one in five second homes in England are found in the South West
  • We aren’t building enough homes in the region. There are 21,000 new households forming each year but less than 19,000 homes were built in 2015
 Average house pricesAverage private monthly rent
Mendip£244,591£674
Sedgemoor£206,644£607
South Somerset£226,503£617
Taunton Deane£227,958£634
West Somerset£224,702£619
Somerset£226,222£630
 Average annual earningsIncome required for 80% mortgageUnemployment rate 15/16
Mendip£23,795£55,9074.30%
Sedgemoor£23,910£47,2334.70%
South Somerset£22,568£51,7723.40%
Taunton Deane£26,437£52,1053.90%
West Somerset£23,499£51,3603.10%
Somerset£24,029£51,7083.80%
 Long term empty homesSecond homesTotal no of HA homes
Mendip4043896,691
Sedgemoor2695083,308
South Somerset73982611,672
Taunton Deane4643412,946
West Somerset2021,0232,538
Somerset2,0783,08727,155