So Wolverhampton is the least prosperous area in the UK according to a study based on earnings and ‘happiness’ levels. We know the City, like most, has its problems and challenges, but Legatum’s research as reported by the BBC also showed discrepancies in the sometimes la-la land of the local housing market.
With average incomes in Wolverhampton at £18,394 the average ASKING PRICE for a home is over nine times that at £169,000. However, the average SOLD price according to the Land Registry is only £101,840 or a multiple of a little over 5.5. Whilst more realistic this is still ahead of the long term trend. So why is so much of the local housing stock and in particular NEW BUILD so over-priced and if the imbalance was addressed would the local population feel less miserable?