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Federation Slams Government Housing Scheme

LONDON-The National Housing Federation has charged the Government with not going nearly far enough to provide affordable housing as home prices have soared. In many parts of the country essential services are now at risk due to key workers' inability to pay inflated house prices.

By Steve Killick | Updated on August 17, 2001

LONDON-The National Housing Federation (NHF) has called for the Government for a massive investment in affordable housing. It argues that the Government’s £250 million ($350 million) starter home initiative does not go nearly far enough and, despite claims that 10,000 key workers will benefit, demand will way outstrip supply.

In over half of all English counties outside London an income over £30,000 ($43,000) is needed to buy an average priced home. Whilst London and the South East have some of the most expensive housing the problem is not solely confined to those areas. To buy an average priced home in Herefordshire, for example, an income of nearly £37,000 ($53,000) is needed while in the East Riding of Yorkshire an income of £24,000 ($34,300) is required. In 18 English counties, to buy a home with a 95% mortgage, borrowing three times income, a household needs to earn over £40,000 ($57,200) . In all but four London boroughs incomes of over £40,000 ($57,200) are needed. Barking & Dagenham is London’s most affordable borough.

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