Young people in the eastern region are being locked out of the chance to buy their own homes, charity warns
- Credit: Archant
First time buyers will need a £63,000 salary to afford an average home by 2020, a homeless charity has warned.
Shelter says this is more than 20 per cent more than the £51,000 needed for a typical first time buyer’s mortgage today.
On top of this they would need a deposit of £51,000 to keep up with rocketing house prices in the eastern region.
Campbell Robb, Shelter’s chief executive, said: “When house prices are increasing five times faster than the average wage, it’s no wonder people on ordinary incomes are being locked out of a home of their own.
“With the situation only set to get worse, generation rent will be forced to resign themselves to a life in expensive, unstable private renting, and wave goodbye to their dreams of a home to put down roots.
You may also want to watch:
“It doesn’t have to be like this. The Government has the power to turn our housing crisis around, but only if they stop with schemes like starter homes which only help higher earners, and start investing in homes that people on ordinary incomes can actually afford to live in.”
He added that the figures come as no surprise given that, over the last five years, the region’s severe housing shortage has seen house prices rise five times faster than wages.
- 1 Man found dead in March
- 2 Driver leaves girl 'very shaken' after ploughing into car
- 3 'Loving, caring family man' dies in hospital weeks after A141 crash
- 4 7 of the best pumpkin picking locations in Cambridgeshire
- 5 Over 100 modern slavery victims rescued in Cambridgeshire
- 6 Janice launches Slimming World group after losing over two stone
- 7 Dramatic pictures catch harvester on fire in 4am blaze
- 8 Work to improve A47 between March and Peterborough begins
- 9 Man jailed for historic sexual abuse 'convinced child victims it was normal behaviour'
- 10 Parents 'can never forgive' actions for Maddie's murder