26/10/2007

24% of young working households priced out of housing market

New research compiled for Hometrack, the housing intelligence business, reveals that just under a quarter of young working households have little chance of accessing home ownership in their local housing market, with the analysis based on a ration of house price (two to three bedrooms) with household income. Can’t buy: Can rent – the affordability of private housing in Great Britain, has been written by Professor Steve Wilcox of the University of York, using Hometrack data on house prices and rental levels. The report finds that in all regions, and in the majority of local authority areas, the costs of private rents were significantly lower than the cost of house purchase – good news for relocatees between properties. In England and Wales, private rents in 2006 – for example – represented less than two thirds of the level of house purchase costs.

To obtain an electronic version of the summary report, email affordability@hometrack.co.uk.

We’ll be looking at the likely implications for relocation of the latest developments in the housing market in the winter 2007/8 edition of Re:locate magazine.

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