Why you need 11 times salary to buy a house in Kent
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by David
Jones
Buying a home is still an impossible dream for many families
because average house prices in Kent are nearly 11 times the
average individual income.
That is the gloomy conclusion of South East Home Truths, a new
report by the National Housing Federation.
The report, which reveals that Sevenoaks is the least affordable
part of the county and Medway the most affordable, highlights the
ever-increasing need for more affordable housing in the county as
well as the wider region.
The average house price for Kent in 2008 (£233,143) stood at
nearly 11 times the average individual income (£21,507), with even
homes in the lowest quartile costing an average of £150,000.
In most areas of Kent, an annual income of £50-60,000-plus would
be required for a 90 per cent mortgage and £100,000-plus in
Sevenoaks, closely followed by Tunbridge Wells with
£77,000-plus.
Warren Finney, NHF South East regional manager said: "Given the
current state of the economy, where we are seeing increasing
unemployment and repossessions, combined with a growing population
and rises in overcrowding, home ownership's just a dream for
thousands of low-to-middle income households in the South East.
"The solution has got to be to invest in more high quality homes
for social rent now, before prices begin to shoot up again.
"Housing is at the heart of the solution to economic recovery,
and the Government must ensure it remains a funding priority,
enabling the region's housing associations - who build the majority
of affordable homes here - to deliver the high quality
affordable housing we so desperately need."
Barbara Thorndick, chief executive of West Kent Housing
Association said: "The lack of affordable housing in the SE creates
a huge divide between the "haves" and the "have-nots". Those people
who have their own home, whether bought or social rented are
incredibly fortunate, those that don't remain trapped in rootless
uncertainty. This inequality must be addressed if we don't want to
see a rise in other social problems that will impact negatively on
us all."
Wednesday, November 11 2009
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