27 Nov 2015

NHF research shows 130% pay rise needed to afford a home

A would-be homeowner in the South of England would have to dramatically increase their salary to afford an average home, according to recent research from the National Housing Federation (NHF). 

The NHF’s Home Truths 2015/16 report has shown that an average house in the South West now costs £240,427 – over 10 times the local average salary of £23,832. 

House prices in the South East top the table outside London, with an average house in the region now costing £312,242 – nearly 11 times the local average salary of £29,037.

As a sector, housing associations are working to end the region’s crisis, providing 236,572 affordable homes in the South West and 366,907 affordable homes in the South East.  

Howard Toplis, GreenSquare’s chief executive, said: “The housing crisis affects every region of our country. Housing associations built 50,000 homes across last year, which made up 40% of all new homes in England, and we will all continue to work with the government to build thousands more new homes across the country. 

“GreenSquare has recently completed 124 new extra care apartments in West Oxfordshire; with well over 100 new properties in development elsewhere in Oxford. In Wiltshire, 90 new homes at Trowbridge are nearly complete and our development in East Melksham delivered 182 new homes.” 

Kat Hart, External Affairs Manager for the South West at the National Housing Federation said: “With house prices continuing to climb, it is becoming increasingly clear that without drastic action we run the risk of being unable to house our children.

“There is no solution to this crisis that doesn’t involve the building of more homes and eliminating the shortfall that saw 26,500 fewer homes built than were needed in the south of England last year.”  

The data and all sources used are available in Home Truths 2015/16: The housing market in the South West and Home Truths 2015/16: The housing market in the South East

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