Musselburgh property slump good news for key workers

MUSSELBURGH has seen the biggest rise in the affordability of its housing to key workers in the whole of Scotland.

A new study released today by the Bank of Scotland looks at how house prices in towns and cities across Scotland compare to the average earnings of teachers, nurses, police officers, firefighters and paramedics.

It found that the average price of a house in Musselburgh was 4.9 times higher than the average salary of a full-time key worker, compared to 6.1-times in 2007.

The extent of the change was, alongside Alloa, greater than any other town or city in Scotland.

However, Musselburgh was still rated as "unaffordable" for a key worker because property still remains more than four times their average salary.

Edinburgh's affordability for key workers improved, with house prices 6.3 times their average salary, compared to 7.1 times in 2007.

Martin Ellis, housing economist at Bank of Scotland, said:

"A quarter of Scottish towns have become affordable for the average key worker due to a combination of lower house prices and increased earnings.

"Despite this improvement, only 11 per cent are affordable for all key worker groups."