HOUSE prices in Bedford Borough have been deemed “unaffordable” after a survey has revealed that they are 10 times the average salary.
The National Housing Federation has released figures from a survey that has shown that a whole generation of people is being locked out of the housing market.
The survey shows that people in Bedfordshire on an average wage, earning £21,923 a year, would have to save all of their pre-tax salary for three years to just put a deposit down on a house.
The Grand Union Housing Group (GUHG), parent company of Aragon Housing Association, has been joined by Bedfordshire Pilgrims and Aldwyck Housing Associations in calling on the government to build more affordable homes.
GUHG chief executive Alan Humphreys said: “There’s no doubt we are seeing increased pressure on social housing as more and more people are squeezed off the private property market by high prices and rising private rents.
“We urgently need the government to rethink its investments in creating new affordable homes.”
People in the borough would need to a salary of £46,724 to afford an average price property, or £29,998 for a lower-value home.
MP for Bedford and Kempston Richard Fuller raised the issue in the House Of Commons this week after he discovered, through his own research, that the average house buyer in 2007 will pay £250,000 more over 25 years than someone who bought a home in 1997.