Rising house prices and low wages mean problems for house hunters

February 28 2017

FAMILIES in South Gloucestershire need to earn more than £57,000 a year before they can afford the average mortgage, a report has revealed.

FAMILIES in South Gloucestershire need to earn more than £57,000 a year before they can afford the average mortgage, a report has revealed.

But with average salaries only £26,827, a couple each earning that amount would both need a big pay increase to afford a mortgage.

A single person would need to see their salary rise by a staggering £31,000 a year.

The South West Home Truths report from the National Housing Federation showed that South Gloucestershire faced a combination of high house prices and low wages, which was causing a growing housing crisis in the region.

But across the area, housing associations said they were trying to solve the local housing crisis.

During the past year Merlin, Knightstone, Curo, Solon South West and others have built more than 300 affordable homes in areas such as Yate.

That figure is set to increase further in the next 12 months, with Chipping Sodbury-based Merlin alone due to start work on a further 250 homes on a number of sites.

Amanda Swann, head of development at Merlin, said: “House prices are rising much faster than wages in South Gloucestershire and that is making it very difficult for people to access good quality housing that is affordable.”