'New Towns' outpace the nation for affordability
Housing affordability for residents in England and Wales's 'New Towns'– towns designated under various Acts of Parliament, initially to disperse the population following World War II – is at its most favourable since the financial crisis began in 2007, according to Lloyds TSB.
Suren Thiru, housing economist at Lloyds TSB, commented:
“Many New Towns are within easy commuting distance of major commercial centres, where housing is typically more expensive. This is particularly striking for New Towns in the south east, where the average property price is close to half, on average, compared to that in London.
"The combination of strong earnings growth and lower priced property, together with good accessibility to the capital, has helped to support prices in many New Towns in the south east during the economic and financial downturn. In addition, populations in many New Towns in the south east have increased since 2007, which is likely to have added to housing demand."