Monday 31st July 2006
In the majority of UK towns, public sector workers are being priced out of the market, new research from Halifax reveals.
The study shows that in 339 out of 519 towns in Britain (65 per cent), the average house is unaffordable for those working in key industries, such as teaching and health, as compared to 126 towns (24 per cent) five years ago.
While the problem is countrywide, the survey found that the situation is particularly bad in the south west, where the average house in all of the regions 34 towns is unaffordable for those in all five "key worker groups".
"Key workers have been hit hard by the strength of the property market over the past five years," commented Martin Ellis, chief economist at Halifax.
"It is important that the government continues to develop schemes to help key workers onto the property ladder and to ensure that these schemes are not confined to southern England.
"The presence of sufficient key workers is critical to the smooth functioning of life in our cities and towns," he said.
A recent report from Nationwide put the average house price at £165,035 in the second quarter of 2006, an increase of 4.8 per cent over the same period in 2005.
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