Homes too costly

York Press: Homes too costly Homes too costly

IN HIS letter of July 2, Geoffrey Searstone argues that becoming a home owner is not for the “privileged few”.

With average house prices in York requiring eight times annual income and mortgages being restricted, the situation is getting worse.

Research in York shows that the average age of people obtaining a mortgage is in their late 30s and rising, and that deposits in the city for a starter home are around £25,000.

With many York working households paying the highest rents outside of the South East, often more than 40 per cent of income set against the recommended 25 per cent, then it is not possible for a majority to save.

Nationally, home ownership is in decline and reports from the left and right show that this trend is unlikely to reverse in better economic times.

So home ownership is indeed becoming for the privileged few.

Cllr Tracey Simpson-Laing, Cabinet Member for Homes & Safer Communities, City of York Council.

Comments (1)

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2:24pm Tue 8 Jul 14

Dr Robert says...

What absolute tripe once again from simpson laing. It all depends what one does with the money one earns, some people like to fritter their hard earned cash on designer clothes, flash cars, expensive holidays or clubbing the nights away, then some people , depending if they regard owning a house important give up these luxuries for a year or two and get a deposit together. This is all assuming one is not in a minimum wage job which are abundant in York, and this labour council seems to think is ok by their zeal to encourage more hotel chains to come to York, in which case one carries on living with mother and father.
What absolute tripe once again from simpson laing. It all depends what one does with the money one earns, some people like to fritter their hard earned cash on designer clothes, flash cars, expensive holidays or clubbing the nights away, then some people , depending if they regard owning a house important give up these luxuries for a year or two and get a deposit together. This is all assuming one is not in a minimum wage job which are abundant in York, and this labour council seems to think is ok by their zeal to encourage more hotel chains to come to York, in which case one carries on living with mother and father. Dr Robert
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