Selby Has Second Highest Gap Between Wage and House Price Rises
12:00am 11th February 2014
People in Selby district would have doubled the average salary if wages had risen at the same rate as house prices.
That's the second biggest gap between wage and house price rises in Yorkshire, with York coming 4th and Ryedale coming 10th in the research by housing charity Shelter.
The charity looked at the increasing gap between house price rises and wage rises since 1997 and found people in York would need an extra £22,350 a year to keep up with rising house prices while it Ryedale it would be £17,818.
The Yorkshire table of the gap between what we earnt and what we'd earn if wages rose as fast as house prices is below:
|Local Authority||Rank||Gap between wages and house price linked wages (£)|
|N E Lincolnshire||14||16,597|
Campbell Robb, Shelter’s Chief Executive, said: “When you’d need to more than double your salary just to keep up with rising house prices, it is no surprise that the dream of a home of their own is slipping further out of reach for a generation.
“Politicians need to start meeting people halfway by committing to bold solutions that will get more affordable homes built. Otherwise future generations will find themselves priced out of a stable home, however hard they work or save.
“The reality is that successive governments have failed to build the affordable homes that this country needs, and as a result our housing shortage has reached crisis point.
“Despite the fanfare surrounding Help to Buy, pumping money into mortgage guarantee schemes is not the solution. This further inflates prices by increasing demand for an already limited number of homes, and will only make things worse for the next generation of first time buyers. The only solution is to build more affordable homes.”
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