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House buyers need 10 times salary in Kent

Property signs
Property signs

House prices in Kent now cost 10 times the average wage, a gloom-laden report out today reveals.

Despite the slump, prices in the South East have increased by more than 11 per cent in the year to May, according to the National Housing Federation.

That pushes the average home in Kent to a staggering £218,462 - or 10 times the average wage of £21,923.

According to the report South East Home Truths 2010, that pushes housebuying out of reach for thousands of households throughout the county. Even the cheapest homes in the county could set you back £140,000.

To pour even more cold water on housebuyers' plans, the gross annual income needed to secure a mortgage in Kent is £56,176.

Sevenoaks not only comes out as least affordable in the county, but also takes seventh place in the top 10 least affordable places in the South East.

House prices graphic
House prices graphic

In Kent's league table Medway stands out as the most affordable part of the county.

Warren Finney, South East regional manager for the National Housing Federation said: "Housing need across the South East is reaching desperate levels, and Kent is no exception with one of its wards among the top ten least affordable parts of the region.

"We are calling on central government to continue to invest in affordable housing and are urging local authorities throughout Kent to keep it high on their agenda.

"It's vital that they continue to work with their local housing associations to ensure the supply of affordable homes doesn't dry up.

"As public sector funding gets tighter than ever housing associations are a key part of the solution to meeting housing need and delivering other vital community services."

Brian Johnson, Chief Executive of Moat, which has properties in Kent, said: "Housing associations are uniquely placed to deliver high quality affordable housing and an excellent level of customer service to local residents, while at the same time providing excellent value for public money."

A Westminster launch of the report today is due to be attended by representatives of Gravesham Borough Council, Kent County Council, Shepway District Council, Thanet District Council and Tonbridge and Malling Borough Council.

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