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Housebuyers need 116% pay rise

Housebuyers need 116% pay rise

Published at 8:18am 25th November 2015. (Updated at 12:02pm 25th November 2015)

Only people earning around £51,000 a year can now afford a typical mortgage in North Yorkshire, according to a new report from the National Housing Federation.

The Yorkshire and the Humber Home Truths 2015/16 report says fragmented housing markets are failing to match the success and economic aspirations of the region, with the cost of renting or buying a home becoming further and further out of reach for many.

The report reveals the average worker in North Yorkshire would need a 116% pay rise, or an additional £27,268 a year to be in with the chance of getting an average mortgage, with a home now costing £222,265, which is nearly 10 times the average salary.

According to the report, there is a housing crisis in the region which is wide and varied.

Jo Allen, external affairs manager for the National Housing Federation in Yorkshire and the Humber, said: "The country is in the midst of a housing crisis that has been a generation in the making and Yorkshire and the Humber has certainly not been immune to this.

"We are seeing divided markets in the region, with strong confident cities needing a housing offer which matches their growth ambition. 

"In some places, people are completely priced out of their local communities.

"In others, we see areas which need employment opportunities and investment in empty homes.

"We need to sit down with local leaders to make sure that good quality accessible housing sits alongside skills, jobs and transport.

Mervyn Jones, Chief Executive of Yorkshire Housing, added: "Yorkshire Housing is committed to doing its bit to help end the housing crisis and make sure that people have a home which meets their needs.

"We are building hundreds of good-quality, affordable homes for those who are priced out of home ownership and the private rental sector.

"We are also keen to support home ownership schemes to help families get onto the property ladder."

Area

Mean house price

Mean salary

Ratio of house prices to incomes

Harrogate

£276,744

£24,731

11.2

Hambleton

£243,009

£22,948

10.6

Ryedale

£219,929

£22,173

9.9

Craven

£210,743

£22,807

9.2

Richmondshire

£214,379

£23,468

9.1

Scarborough

£160,424

£20,982

7.6