House prices in Doncaster are among cheapest in the region | Business Doncaster
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8
Feb

House prices in Doncaster are among cheapest in the region

Doncaster is among the most affordable areas to buy a home in the region, 
a report has revealed.

According to the Home Truths 2016-17 report, Barnsley is the third cheapest in the Yorkshire and the Humber region, with average house prices of £130, 413 and average annual salaries of £23,670. Doncaster is placed fourth with an average house price of £142,189 and salaries of £23,161.

The figures reveal the average full-time worker in Yorkshire and the Humber now needs a pay rise of 64 per cent just to afford a mortgage on a typical home in the region.

The report said those earning any less than £39,811 a year are now priced out of buying the average priced home in the area.

Salaries across the region have failed to keep up with house prices, meaning the average home in Yorkshire and the Humber – costing £174,171– is now over seven times the average yearly income of £24,284.

Jo Allen, the National Housing Federation’s external affairs manager for Yorkshire and the Humber, said: “It is clear that Yorkshire and the Humber is suffering from an acute housing crisis and these truly distressing statistics simply reaffirm that fact – we simply must get building more genuinely affordable homes.”

But a report by Halifax says mortgage affordability has remained unchanged over the past year.

Halifax calculated new borrowers could expect to spend 30 per cent of their take-home pay on their mortgage in the final quarter of 2016 - unchanged from the percentage a year earlier in the last three months of 2015.

Martin Ellis, a housing economist at Halifax, said: “Looking back almost a decade, there has been a considerable improvement in housing affordability across the country, which has been maintained over the past year as further falls in mortgage rates have offset the effects of higher house prices.”

Original source