A NEW report by the National Housing Federation (NHF) has revealed that the average worker would need to earn over £65,000 a year just to afford a mortgage in the eastern region.
The NHF’s East of England Home Truths 2016/2017* report states that the average house price in the region is over £288,000 - which is currently above the national average - but will continue to rise, therefore making it unaffordable to many who want to rent or buy a home. With the average wage now set at £28,000, workers would need to earn another £37,000 a year just to get a mortgage on an average home in the East of England.
Claire Astbury, External Affairs Manager for the NHF in the East of England, said: “This year’s Home Truths figures highlight the increasingly bleak reality that local people in the East of England are confronted with daily.
“Housing associations are a vital part of the solution to the housing crisis. The sector is buoyed by the additional funding and flexibility secured in the Autumn Statement and is ambitious about delivering even more homes.”
To help alleviate the housing shortage, during 2016 Essex housing association, CHP, and its private sales subsidiary, Myriad Homes, built and acquired 286 new properties throughout the county. Supplying one-bedroom flats to four-bedroom family houses, the company also offered a range of tenures, from affordable rent to outright private sale, to suit local peoples’ requirements.
The company’s Development and Regeneration team are also aiming to deliver a further 300 homes, in both urban and rural locations, in 2017 to meet the county’s ever growing housing needs.
To help CHP achieve its aim, the company recently received £4.5 million in funding from the Homes and Communities Agency (HCA), which will see it build and acquire homes for Rent to Buy and Help to Buy shared ownership properties.
Building and acquiring homes throughout Essex has seen CHP grow the number of properties it owns and manages to almost 10,000 homes, with it now working in 13 of the 14 of the county’s local authorities.
Carl Hockey, CHP Development and Regeneration manager, commented: “We all know that more homes need to be built across the county. That’s why despite exceeding our house building target last year we’re looking to continue to do more in 2017 while offering local people homes that suit their needs and in locations where properties are needed.”