More homes in more towns are affordable for key workers
Some examples of key workers are; teachers, nurses, paramedics and fire fighters. A recent report has shown that this group of people have a much higher chance of stepping onto the property ladder compared to half a decade ago, due to drop in house prices.
The way the results are calculated is based on the locations where house prices are below four times the average earnings of a key worker. Four in ten towns have now become affordable for key workers in comparison to 2007, when just twelve towns in the country had affordable housing, according to the Halifax Key Worker Housing Review.
The figures have not reached the level that they were ten years ago, when more than half of the towns in England were affordable to key workers however, they are on the rise.
Unfortunately, the South East is unaffordable for key workers as the report showed that towns such as Eastbourne, Brighton and Oxford were out of budget. There are only three southern towns that made it onto the affordable list which are Essex, Clacton on Sea and Gosport in Hampshire.
Teachers have the best chance of affording a home with a change from 6% to 47% of towns becoming affordable to them.
Here are a few of the towns that key workers can now afford to live in;
Nelson in Lancashire – most affordable for fire fighters, Newtonabbey near Belfast, Peterlee in County Durham – ideal for paramedics, Wishaw in Scotland – most affordable for nurses, Morpeth near Newcastle, Peterborough, Carlisle, Lincoln, Coventry and Lancaster.
The report comes as the chief executive, Grenville Turner, of the UK’s largest estate agent, Countrywide, has renewed calls on the Government to intervene in the housing market to prevent future generations being priced the market and becoming a generation of renters.
There has been a rise of 17 more affordable towns since the report was completed last year, what are your thoughts on these facts?(0) Comments
- Pali Smart Quote SDLT Calculator Updated
- New Japanese Knotweed Indemnity Policy now live on Paliltd.com
- Invitation to a FREE CPD Webinar: Insurance service developments and compliance with the Insurance Distribution Directive
- Invitation to FREE Webinar: A NEW Agricultural Search
- Pali First To Launch Enhanced Indemnity Policy Facility
Subscribe to receive a weekly update of our blog posts