The renters earning £70,000 who STILL can't buy a house
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Renters are being battered with such high housing costs that even those on high salaries of more than £70,000 cannot save the money needed to buy, a new report reveals today.
Almost a fifth of potential first-time buyers are ploughing 60 per cent of their income into rent and other housing costs, while more than a third (37.7 per cent) are seeing 45 per cent of their money disappear every month.
The variation in house prices across the UK means that in some areas even people earning more than one-and-a-half times the UK average salary of £42,000 are unable to get on the housing ladder locally, the Skipton Group Home Affordability Index found.
And people earning far less face an even bleaker picture, with fewer than one household in 100 with income below £22,850 are able to buy in their local area.
Overall almost eight-in-10 FTBs do not have enough savings to afford a deposit, the study carried out with Oxford Economics found. If you treasured this article and you also would like to get more info regarding mortgage calculator multiple rates i implore you to visit our own web page.
London, the West Midlands and Wales are the least affordable areas for first time buyers in the UK. Scotland, East Anglia and Greater Manchester are the most affordable.
Find out how things are in your area with our interactive map below.
Your browser does not support iframes.
The buying affordability sub-index captures the relationship between households' buying power and the total cost of taking a first, or next, step on the property ladder in their local areas.
The greater a household's buying power relative to this cost, the greater their buying affordability.
Buying power combines a household's deposit (after factoring in moving costs and holding back some ‘rainy-day' expenses) and the maximum best mortgage rates the household can get, based on their demographic and financial characteristics.
The property price reflects the property a household is most likely to buy. This is based on their tenure status and the region where they live.
Your browser does not support iframes.
Your browser does not support iframes.
Stuart Haire, the Skipton Group CEO, said: ''For some, our findings paint a bleak picture, notably for first-time buyers. The combination of high housing costs, insufficient savings, and significant regional disparities underscores the urgent need for collaborative and targeted interventions to support aspiring homeowners.
'The scale of challenge of housing affordability is so great that no one person can lead that charge, so we are calling on the government to work cross department, cross Whitehall, cross sector and cross industry, so that together we can really start to solve an issue that impacts so many people. We stand ready to be part of those efforts.'
While the West Midlands, London and Wales were the least afford able regions, they were at the top of the list for different reasons.
In London house prices are the highest in the UK, which offsets the relatively high incomes and saving rates of those living in the capital. Purchase prices are lower in the West Midlands but people generally have smaller savings, while in Wales low house prices are offset by low incomes.
London and the South East have house price: earnings ratio of more than 10, compared with just 4.97 in the North East in 2023.
In last week's King's Speech Labour unveiled a major overhaul of planning laws as part of their bid to 'get Britain building' and deliver 1.5 million new homes over the next five years.
The Planning and Infrastructure Bill was among flagship legislation in the King's Speech as Sir Keir Starmer's agenda was set out to Parliament.
The Government signalled their intent to remove the power from local residents to block new developments.
Their proposals include 'modernising' planning committees and increasing the capacity of local planning authorities.
The Bill also includes measures for 'streamlining' processes for delivering new infrastructure - such as roads, railways, and resevoirs - and overhauling compulsary purchase compensation rules.
It is expected that onshore wind farms, laboratories, and data centres will also be classed as nationally significant infrastructure.
Prior to the general election, Labour promised to update the National Policy Planning Framework (NPPF).
This is a 78-page document that sets out planning policies for England and how these should be applied.
In their manifesto, Labour said they would undo 'damaging' Tory changes to the NPPF - such as reversing the scrapping of mandatory local housebuilding targets for councils.
These were junked by the Tories in 2022, shortly after Rishi Sunak became Prime Minister, after dozens of Conservative MPs threatened a rebellion.
Since taking office, Labour have already acted to remove a de facto ban on new onshore wind farms in England that was previously set out in the NPPF.
As part of their planning shake-up, they have also vowed to take 'tough action' to ensure councils have up-to-date Local Plans.
They said they would strengthen the presumption in favour of sustainable development, and would 'not be afraid to make full use of intervention powers' to overrule local authorities in their bid to boost housebuilding.
It has been reported that new legal measures will force councils to quickly identify enough land to meet their predicted future housing needs.
Last week industry chiefs warned Labour's plan to build 1.5million homes in England in five years is at risk due to a shortage of skilled workers.
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Almost a fifth of potential first-time buyers are ploughing 60 per cent of their income into rent and other housing costs, while more than a third (37.7 per cent) are seeing 45 per cent of their money disappear every month.
The variation in house prices across the UK means that in some areas even people earning more than one-and-a-half times the UK average salary of £42,000 are unable to get on the housing ladder locally, the Skipton Group Home Affordability Index found.
And people earning far less face an even bleaker picture, with fewer than one household in 100 with income below £22,850 are able to buy in their local area.
Overall almost eight-in-10 FTBs do not have enough savings to afford a deposit, the study carried out with Oxford Economics found. If you treasured this article and you also would like to get more info regarding mortgage calculator multiple rates i implore you to visit our own web page.
London, the West Midlands and Wales are the least affordable areas for first time buyers in the UK. Scotland, East Anglia and Greater Manchester are the most affordable.
Find out how things are in your area with our interactive map below.
Your browser does not support iframes.
The buying affordability sub-index captures the relationship between households' buying power and the total cost of taking a first, or next, step on the property ladder in their local areas.
The greater a household's buying power relative to this cost, the greater their buying affordability.
Buying power combines a household's deposit (after factoring in moving costs and holding back some ‘rainy-day' expenses) and the maximum best mortgage rates the household can get, based on their demographic and financial characteristics.
The property price reflects the property a household is most likely to buy. This is based on their tenure status and the region where they live.
Your browser does not support iframes.
Your browser does not support iframes.
Stuart Haire, the Skipton Group CEO, said: ''For some, our findings paint a bleak picture, notably for first-time buyers. The combination of high housing costs, insufficient savings, and significant regional disparities underscores the urgent need for collaborative and targeted interventions to support aspiring homeowners.
'The scale of challenge of housing affordability is so great that no one person can lead that charge, so we are calling on the government to work cross department, cross Whitehall, cross sector and cross industry, so that together we can really start to solve an issue that impacts so many people. We stand ready to be part of those efforts.'
While the West Midlands, London and Wales were the least afford able regions, they were at the top of the list for different reasons.
In London house prices are the highest in the UK, which offsets the relatively high incomes and saving rates of those living in the capital. Purchase prices are lower in the West Midlands but people generally have smaller savings, while in Wales low house prices are offset by low incomes.
London and the South East have house price: earnings ratio of more than 10, compared with just 4.97 in the North East in 2023.
In last week's King's Speech Labour unveiled a major overhaul of planning laws as part of their bid to 'get Britain building' and deliver 1.5 million new homes over the next five years.
The Planning and Infrastructure Bill was among flagship legislation in the King's Speech as Sir Keir Starmer's agenda was set out to Parliament.
The Government signalled their intent to remove the power from local residents to block new developments.
Their proposals include 'modernising' planning committees and increasing the capacity of local planning authorities.
The Bill also includes measures for 'streamlining' processes for delivering new infrastructure - such as roads, railways, and resevoirs - and overhauling compulsary purchase compensation rules.
It is expected that onshore wind farms, laboratories, and data centres will also be classed as nationally significant infrastructure.
Prior to the general election, Labour promised to update the National Policy Planning Framework (NPPF).
This is a 78-page document that sets out planning policies for England and how these should be applied.
In their manifesto, Labour said they would undo 'damaging' Tory changes to the NPPF - such as reversing the scrapping of mandatory local housebuilding targets for councils.
These were junked by the Tories in 2022, shortly after Rishi Sunak became Prime Minister, after dozens of Conservative MPs threatened a rebellion.
Since taking office, Labour have already acted to remove a de facto ban on new onshore wind farms in England that was previously set out in the NPPF.
As part of their planning shake-up, they have also vowed to take 'tough action' to ensure councils have up-to-date Local Plans.
They said they would strengthen the presumption in favour of sustainable development, and would 'not be afraid to make full use of intervention powers' to overrule local authorities in their bid to boost housebuilding.
It has been reported that new legal measures will force councils to quickly identify enough land to meet their predicted future housing needs.
Last week industry chiefs warned Labour's plan to build 1.5million homes in England in five years is at risk due to a shortage of skilled workers.
WalesDataLabourLondonInteractive Graphics
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