Why you need to earn £40,000 to buy a house in Leeds

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PEOPLE NEED to earn more than £40,000 a year before they can afford a typical mortgage in Leeds, according to a new report which warns of a worsening housing crisis.

The National Housing Federation says the cost of renting or buying a home is becoming increasingly out of reach for too many in the region.

Their report show the gap between house prices and average earnings is bigger in Leeds than anywhere else in West Yorkshire.

House prices are increasingly ‘out of reach’ for many in Leeds: Click here for more

In Leeds the average house price was £178,516 which is more than seven times higher than the mean annual earnings of just over £25,000. It calls for urgent action to provide more homes.

Coun Richard Lewis, the council’s executive member responsible for housing, said a plan to create new council homes was being undermined by Government “extending right to buy and forcing the sale of council homes.”

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