Finding the key to more affordable housing

CALL TO UNLOCK PUBLIC LAND AS DATA SHOWS SALARY NEEDED TO BUY IN HILLINGDON

AN AVERAGE earner in Hillingdon will need a 243% pay raise to be able to afford a mortgage, new research has found.

House Prices in Hillingdon are now 15 times the average local salary, reaching £444,016 according to The London Home Truths 2017/18 report, which found the borough is experiencing a “housing crisis”.

The annual report by the National Housing Federation also found that average monthly rents in the borough now stand at £1,198, taking up around 49% of private renters’ income.

The National Housing Federation report concluded that the disparity between house prices and income is making home ownership impossible for many private renters.

The report also found that four in 10 recipients of Housing Benefit in Hillingdon (39%) are actually in work, but are still unable to afford their rent.

The reason for the “growing crisis” is the shortfall in new housing in the borough, with Hillingdon missing its targets between 2012 and 2016, with 7,061 too few homes built.

Across London, between 2012 and 2016, 177, 590 too few homes were built, according to the foundation’s report.

The foundation believes that the key to solving the housing crisis is unlocking public land, with City Hall identifying 36,287 sites which could be built on, with potential for 130,000 homes.

The sites are owned either by the Mayor of London, Government departments, London’s boroughs, Transport for London and the NHS.

Ruth Williamson, external affairs manager for the National Housing Federation, said: “The housing market has seen a relentless rise in the gap between house prices and people’s salaries. Hillingdon is no exception.

“Attaining a mortgage is increasingly unrealistic and private sector rents make saving up that bit more difficult.

“As this year’s Home Truths report shows, it is more important than ever for the sector to be able to deliver homes that are truly affordable.

“If we want to get serious about ending the housing crisis, we need to start looking at unlocking more land so we can build homes faster.”

The housing market has seen a relentless rise in the gap between house prices and people’s salaries – Hillingdon is no exception

IMAGE: RICHARD WILKINS The Home Truths report says that average earners in Hillingdon would need to earn 243% more to afford to get a mortgage in the borough