House prices are getting further beyond the reach of average earners in Mid Suffolk, the National Housing Federation is warning.
With less than half the houses Suffolk needs being built each year, the crisis will get worse, the Federation says. Figures presented by the Federation show that in Mid Suffolk salaries rose on average 25 per cent between 2002-2012 to £19,401. But prices went up 48 per cent to £209,540
“The affordability crisis is not only making life extremely difficult for people living in rural Suffolk and the wider East of England but is also affecting employers and businesses and risks holding back economic growth,” the Federation says.
Eye estate agent Simon Harrison said that the effect of the rise had been to push up the age of first time buyers which, after they had been to university then rented while they accumulated a deposit, had risen to 36. However, he said he had noticed this spring a small return of couples in their 20s which used to be typical of first time purchasers.