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Young families priced out of buying a home in Ryedale
YOUNG people face being priced out of buying their own home as house prices in Ryedale rise beyond wages, new research has shown.
Figures published by housing charity Shelter shows the impact increasing house prices will have on young people and families trying to buy homes as house prices rise but wages lag behind.
Ryedale residents are facing a £17,818 gap between what they currently earn and what they would need to be earning to buy a house, meaning people would need a pay rise from £20,389 to £38,207.
The charity collected figures from 1997 to examine wage and house price inflation, which were then used to calculate what the average annual income should be for an area if wages had risen at the same rate as house prices had.
Shelter’s chief executive Campbell Robb called for the government to do more to help those struggling to get on the property ladder.
“When you would 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,” he said.
“The reality is that successive governments have failed to build affordable homes that this country needs, and as a result our housing shortage has reached crisis point.
“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.”
Shelter went on to say that the “staggering” results showed that there was not a single area in the country where wage and house price inflations had remained aligned.
A spokesman said: “This leaves thousands of people priced out of the property market.”