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10 September 2007

Tynedale property prices to soar

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by Kay Mitchell

Tynedale property prices to soar

A report produced by the National Housing Federation reveals that potential buyers in Tynedale, north-east, are faced with taking out a mortgage that is over 10 times the average salary earned in the area. The report estimates that house prices will soar by around 30% in the next 5 years.

The area is already considered a problem hotspot with one of the highest average house prices in the North-East. Those who can’t afford to buy are applying for social housing but then find that they are joining the end of a long waiting list.

In 2006, the average house price in Tynedale was £210,750.
The annual salary required to pay for it would be £57,200, but the average income in Tynedale is just £20,330. Taking the north-east as a whole, the average house costs more than 8 times the average income. In the last decade, property prices have risen 5 times faster than incomes, a rise of 150% compared to 30% respectively.

A spokesperson for National Housing Federation said that Tynedale is one of their real hot-spots in the region and they are worried about property prices throughout the North-East. The organisation added that there has been a 67% increase in the number of people on social housing waiting lists during the last 5 years.

The federation is now urging the Government to invest substantially in affordable housing to prevent the crisis deepening further.

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