Pay rise needed to afford home in Yorkshire

Published: Wednesday 25th November 2015 by The News Editor

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Workers in Yorkshire and the Humber would need a significant pay rise to afford a typical mortgage, claims a new report.

The average price of a home in the region now costs £165,997, according to the National Housing Federation (NHF), over 7 times the average salary.

It means people would need a staggering 62% increase in their pay packet – or an additional £14,538 a year – to be in with a chance of getting on the property ladder with a typical mortgage.

The NHF claims only people earning around £38,000 a year can afford a typical mortgage in Yorkshire and the Humber, as fragmented housing markets fail to match the success and economic aspirations of the region.

A chronic shortage of homes in some areas has seen housing costs spiral out of reach of many families, while a desperate need for jobs and regeneration has hit communities in other parts of the region.

Hull remains one of the most affordable places to buy a home in Yorkshire and the Humber. The average house price in the city is £108,055, while the mean salary is £19,573.

Copyright Press Association 2015

Published: Wednesday 25th November 2015 by The News Editor

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