A housing shortage in Herts is pushing house prices and private rents out of reach for local workers, according to a new report.
Home Truths 2014: East of England from the National Housing Federation warns that while the average salary in the county has risen by around 22 per cent over the last ten years, house prices rocketed nearly three times as fast – by 60 per cent.
A gross income of £73,877 is now needed for the average mortgage in the county, according to the report, while the average salary lags well behind at £24,846.
In Dacorum, house prices have risen by 62 per cent in the last ten years and private renting has gone up by 18 per cent.
The average salary rise in the borough over the last decade is just 14 per cent and an annual income of £73,063 is needed for the average mortgage.
The biggest jump in house prices is in expensive St Albans where prices have soared by 70 per cent over the ten year period and you’d have to earn £100,738 to stump up enough cash for the average mortgage.
The smallest rise in house prices in Broxbourne has seen a 42 per cent increase, but for private renting the smallest rise is in East Herts at 18 per cent.