About timePosted: September 1, 2014 Filed under: Garden cities, Housing market, Mortgages | Tags: earnings, house prices Leave a comment
Sellafield. Parental help. Mortgages lasting 40 years. Welcome to housing affordability in the 21st century.
Exhibit one is a survey by the TUC comparing median house prices and earnings in local authority areas across England. It finds that Copeland in Cumbria, home of the Sellafield nuclear reprocessing facility, is the only one that is easily affordable on less than three times earnings. Nowhere in southern England is affordable at less than five times earnings.
Exhibit two is an opinion poll of parents conducted by the National Housing Federation. It finds that 81 per cent of parents are worried about the impact of rising house prices on the next generation, 69 per cent think their children will not be able to buy without their financial support and 25 per cent are already saving for their children’s first home.
-> Read the rest of this post on Inside Edge, my blog for Inside Housing