Revealed: the soaring cost of buying a home

HOMES in Yorkshire and the Humber are costing up to 10 times the average salary in the region, a major report has revealed.

Monday, 21st March 2016, 5:00 am
Aerial shot of a new housing estate being built in West Yorkshire.

The stark reality of the cost of a property is laid bare in the research which has been carried out by the National Housing Federation (NHF) on the state of the housing market in the region.

In a report to the region’s local authorities, David Orr, the chief executive of the NHF, said: “An averagely priced home in the region may be cheaper than the national average, but it is still more than seven times the average salary. In some high value areas like Harrogate and Hambleton, this rises to 10 times.”

He claimed that in the 2014/15 financial year, too few homes were built to keep up with demand,

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Mr Orr added: “Forecasts show that 342,000 new households will form in Yorkshire and the Humber by 2037.”

The figures show while the average house price in the region is £165,997, the average cost of a property is £176,381, in West Yorkshire it is £159,579.

There are fears that property costs in rural areas will see even fewer young families, making it harder to sustain schools, doctors’ surgeries, shops and other local services.

As previously reported by the YEP Leeds City Council has set itself a target to approve the building of 70,000 new homes by 2028.

Almost 10,000 people took part in a recent citywide consultation on a draft version of the council’s Core Strategy and Site Allocations plan, two major documents which will set out the overall growth vision.