Lower quartile house prices
Until reaching a peak of £175,000 in the final quarter of 2007, lower quartile house prices had risen from £50,850 in 1996. The graph below shows how closely lower quartile house prices in the borough have tracked the county and regional average over the last decade. The current financial downturn may be just apparent in the first two quarters of 2008.
While the graph above shows some decrease between 2007 and the first two quarters of 2008, it is important to note that the decrease, at just £10,000, is similar to that seen between quarters 4 and 1 in 2001/2 and 2004/5, indicating the influence of some seasonal pattern. More detailed tracking of 2007 and 2008 shows that all the borough`s directly neighbouring authorities saw decreases in quarter 1 of 2008 to some extent. The borough picture can be seen as a gradual rise and fall over this shorter time period, with a small increase between quarters 1 and 2.
Median house prices
Median house prices climbed from £63,000 in 1996 to reach £233,000 in the third quarter of 2007. However, median house prices have also seen a slight dip in the first two quarters of 2008, similar to that for lower quartile. Having been at or around the county and regional averages since the beginning of this timeseries, borough levels are now marginally lower.
Looking at the very recent past, rather than the last decade, house prices reached a peak in quarters 3 and 4, not just in the borough but in the borough`s direct geographical neighbours. Quarter 1 of 2008 showed a decrease in house prices for all the borough`s neighbours to a greater or lesser extent. Some districts, Basingstoke and Deane among them, saw a slight increase in the second quarter of 2008. This analysis, looking at the last two years in detail, can be seen below.
Lower quartile house prices to lower quartile earnings
The graph below shows the extent of increase in house price to earnings ratio in the borough - but also the corresponding increase seen across the county, region and nationally. The relationship between borough averages and averages for Hampshire, the South East and England has remained relatively stable during the period of increase resulting in similar positionings with the one exception, that the gap between borough average and the county/regional average has widened leaving the borough with a marginally lower rate.
An increase can be clearly seen from 1997 to 2005. The last three years from 2005 to 2008 have seen borough, county, regional and national averages plateauing and neither rising or falling to any significant degree.
The median house price/earnings ratio has also seen increases in the last decade.
Median house prices to median earnings
From 1997 to about 2003, the borough rate has tracked the Hampshire and South East averages, though staying marginally lower than both. However, from 2003 onwards, the rate of borough increase has not been as great as the county and regional averages. As the borough rate has levelled, the England average has risen to meet it, resulting in a borough position that is now closer to the national average than that for Hampshire or the South East.
Lower quartile house prices
South East lower quartile house prices range from South Buckinghamshire (£276,000) and Chiltern (£270,000) to Dover (£125,000) and Hastings (£111,750). Basingstoke and Deane sits above the Hampshire and South East average and is most similar to Adur (£173,000), Aylesbury Vale (£168,000), Reading (£167,988) and Maidstone (£167,000).
The borough`s position within the comparator group can be seen below. In addition to the Basingstoke and Deane, Hampshire, South East and England values, the highest (South Buckinghamshire) and lowest (Gosport) values in the comparator group are also recorded.
Median house prices
Median house prices in the South East range from Chiltern (£388,000) and South Buckinghamshire (£380,000) to Gosport (£150,000) and Hastings (£149,475). Basingstoke and Deane is placed just below Hampshire and the South East and is similar to Slough and East Sussex (both £209,250), Aylesbury Vale (£206,500), Canterbury, Maidstone and Adur (all £205,000). House prices in the borough are lower than many of the comparator group shown below.
Lower quartile house prices to lower quartile earnings:
When compared to the South East as a whole, the borough`s lower quartile house price to lower quartile earnings ratio is relatively low and below the South East and Hampshire average. Despite this placing within the South East authorities, borough lower quartile house prices remain 8 times higher than lower quartile earnings. The graph below shows the borough`s position in relation to the Western Corridor and Blackwater Valley sub-region. The range in the South East is considerable. South Buckingham has the highest ratio (13) whilst Southampton (7) and Hastings (6.7) have the lowest.
Median house prices to median earnings
The borough has a lower median house price/earnings ratio than many of the comparator authorities, indicating greater "affordability". Despite this, median house prices in the borough are just over 7 times the value of median earnings though this is a similar rate to the England average.
Within the South East, and excluding the comparators below, the borough is most similar to Eastbourne, Crawley, Shepway, Hastings, Dover, Swale, Milton Keyes and Dartford. The range across the South East authorities is broad - from Chiltern (14) and Elmbridge (12.6) to Southampton and Rushmoor (both around 6).
