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Why you need 11 times salary to buy a house in Kent

By: KentOnline reporter multimediadesk@thekmgroup.co.uk

Published: 08:15, 11 November 2009

Updated: 08:44, 11 November 2009

House keys

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.

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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.

House prices in relation to incomes in Kent 2009

"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."

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