We’re working hard to tackle the South West’s affordability crisis
A would-be homeowner in the South West would have to increase their salary by a massive 130% to afford an average home in the South West, a new report revealed today.
The National Housing Federation’s Home Truths 2015/16 Report shows the average home in the South West now costs £240,427 to buy – over 10 times the local average salary of £23,832.
It means the South West is becoming increasingly unaffordable to live in. But, along with housing associations across the region, we’re working to tackle this housing crisis, building new homes for shared ownership and affordable rent.
There are already more than 70,000 housing association properties in the West of England and Somerset, and more are on the way. We built 433 homes last year and started another 314.
Caroline Hughes, Head of Development, said: “We know that there’s a housing crisis in the South West. There simply are not enough homes to meet demand, particularly for those on low incomes. As a housing association, we’re working hard to combat this issue. We’re committed to developing new homes for shared ownership, to help people onto the property ladder, as well as building much need homes for affordable rent.”
Across England, housing associations built 50,000 new homes last year, 40% of all new homes in the country.
Kat Hart, External Affairs Manager for the South West at the National Housing Federation said: “The housing crisis affects every region of our country and the South West is no exception. Indeed, with house prices in the area climbing as high as 15 and a half times average salaries, it is becoming increasingly clear that without drastic action we run the risk of being unable to house our children.
“There is no solution to this crisis that doesn’t involve the building of more homes and eliminating the shortfall that saw 6,500 fewer homes built than were needed in the region last year. Housing associations manage almost 240,000 homes in the South West and are key partners for government as we seek to work together and end this crisis for good.”