THE NEED for affordable homes across Warwickshire is more urgent than ever according to a new report.
The National Housing Federation’s West Midlands Home Truths 2017/18 report reveals the there is a shortfall of 40,600 affordable homes across the county.
Warwickshire is one of the most expensive areas to buy a home in the West Midlands. While the average home costs around eight times the average salary in the West Midlands, the gap between average earnings and the cost of buying a home in Warwickshire is even wider.
In Warwick, the average home costs 10.2 times the average salary, and in Stratford the figure rises further still to 10.7, with the gaps getting larger every year.
Potential home buyers in Warwickshire looking for an 80 per cent mortgage would need to be earning over £62,000, while those hoping to purchase in Warwick and Stratford would need an income of more than £75,000.
Warwickshire Rural Housing Association provides affordable homes in rural Warwickshire for local people and families who would not otherwise be able to afford to live within their own communities
Spokesman Craig Felts said: “We know there is a housing crisis in Warwickshire and the latest Home Truths report shows that it is getting worse.
“We’re currently developing around 50 much needed affordable homes in five Warwickshire villages with the aim of enabling local people to afford to continue living in their communities.”