House prices in traditionally affordable areas of Oldham, Bury and Tameside have all increased so much that they have gone from “affordable” to “out of reach” for homebuyers
Research carried out by the Trade Union Congress (TUC) looked at average salaries in local authorities up and down the country compared to the average house price in the area. Copeland in the Lake District was found to be the last local authority in Britain where house prices are regarded as “easily affordable,” costing around three times less than the average salary.
Manchester residents in particular are suffering from falling wages and rising house prices, with the London boroughs of Kensington & Chelsea, Westminster and Camden all leading the way as the least affordable areas in the country with average house prices more than 30 times the average local salary.
TUC general secretary Frances O’Grady said:
“London always comes out top when it comes to horror stories about ludicrously over-priced housing.
‘But the toxic combination of rising property prices and falling real wages has meant that local housing affordability remains a huge problem for millions of people across the country.
‘Houses and flats in traditionally affordable areas of the country – from Kirklees to Great Yarmouth and Plymouth to Oldham – are now out of reach for many local people.
‘We need an ambitious programme of home-building to get house prices back under control.”
Almost doubling in 17 years, homes in Oldham were once 2.73 above the average wage, whereas residents are now looking to pay around 5 times more than what they are earning to afford a home. Meanwhile Bury jumped from 2.90 to 5.02 and Tameside from 2.84 to 5.07.
The rocketing house prices in Oldham, along with low wage growth and greater restrictions on lending are making it a lot harder for local residents to get on the property ladder.
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