£45,786 - what the average wage in York should be to match house prices, says charity (From York Press)
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£45,786 - what the average wage in York should be to match house prices, says charity
THE average wage in York would need to rise by £22,000 to keep up with soaring house prices, new research has shown.
The charity Shelter said it had examined wage and house price inflation since 1997 in every area of the region.
The information was then used to calculate what average annual earnings would be if they had risen at the same rate as house prices.
A spokeswoman said the results were “staggering”.
For example, in York, the average wage of £23,436 would need to increase to £45,786 to match the rise in property prices over the period.
“In Harrogate, the average annual salary would need to increase by more £25,000 to be in line with the rise in house prices,” she said.
The gap is almost as big in Selby, where average annual salary would need to rise from £24,482 to £49,066.
In Ryedale, average pay would need to rise from £20,389 to £38,207, in East Yorkshire from £21,424 to £38,956 and in Hambleton from £21,507 to £38,755.
“Averages earners in Scarborough would need the smallest pay rise, but here over £14,000 would still need to be added on to the average salary to put it in line with the rise in house prices,” she said.
The spokeswoman said the impact of the housing shortage had been widespread, with the latest census showing a five per cent drop in the proportion of home owners in Yorkshire & the Humber and across the country, the gap between wages and house prices had continued to grow.
“In the late 1990s, the average house cost five times the average salary, but by 2012 it had jumped to ten times.
“This leaves thousands of people priced out of the property market and with no choice but to live in unstable private rented homes, or remain in their childhood bedroom well into adulthood.
“Shelter is calling on the Government to address the serious shortage of affordable homes as a matter of urgency, and give young people and families who work hard and save money each month the chance of a stable home.”
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