It was with interest that I caught the headline "House prices are six times more than wages in E Devon" and thought this a worthy topic for conversation. Having some 3 years ago sold my house, I have subsequently found that "re joining" the property ladder is imposible, let alone being young and wishing to join it for the first time! The article says a "modest size home" is six times more than the average wage and I would beg to differ. You only have to scan the Job Centre or local newspaper adds to find that the local wages are often either "minimum wage" or if you are lucky up to £6 an hour. These are real wages that real people have to live on, so even in a best case scenario of two partners working full time at £6 hour each you would have a total income of £24,960 before deductions, with mortgage lenders giving at best 4 times joint income this would equate to a mortgage of £99,840 !!! Try looking for a house in Exmouth for that, even flats are selling for more. It is all very well for these surveys to be published, but I would love to know exactly where "Mr and Mrs Average" live, on whose wages these surveys are based, because I want their jobs.
Are you on the housing ladder, or wishing you were, hows about we have some on forum conversation regarding this topic. Lets hear what real people have to say..
I totaly agree with you there. It is nigh on impossible for young people to get a morgage these days, i know of two young families who have tried very recently only to have been turned down. Both have been told that they could only borrow £90.000, what can you buy for that pittence!! Its all very well being told that this new town will house 40% of affordable housing---but who decides what is affordable.
Its time the South East was bought into line with the rest of the country as far as wages go.
Copyright © 2007 Archant Regional Limited. All rights reserved. Terms and conditions