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The latest house price to workplace-based earnings ratios were published in March 2023 by the Office for National Statistics. Affordability ratios are calculated by dividing house prices by gross annual workplace-based earnings. The results show that the median house price to median gross annual workplace based earnings in Medway is 8.65, meaning on average, working people in Medway could expect to pay over 8 times their annual earnings on purchasing a home in the District. While this is below the average in the South East (10.75), it is above the national average of 8.28. Given this, significant housing development is needed to address the demands of the unitary authority and deliver the homes the people of Medway need.
It is clear that the impacts of not delivering the amount of affordable houses needed in the authority will exasperate the current deprivation levels and affordability issues Medway faces. Evidence suggests that low-cost, decent quality housing, in a healthy job market could make a substantial contribution to increasing disposable income, preventing material deprivation and maintaining work incentives. It is therefore imperative that the Council allocate a significant quantum of sites in the emerging Local Plan, so that affordable housing need can be met.