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New figures show house prices are 'unaffordable' for South Derbyshire and North West Leicestershire residents

By Burton Mail  |  Posted: August 30, 2014

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HOUSE prices are affordable in fewer than a quarter of local authority areas in the East Midlands, according to new figures.

Statistics show that the average property price has become increasingly out of reach for South Derbyshire and North West Leicestershire residents since 1997.

Trades Union Council Regional Secretary Lee Barron, said: "Over the last 16 years, house price rises have outstripped people's pay packets and left huge swathes of the region unaffordable. Last year, house prices in most local areas were more than five times the average local salary.

"We need to build more homes to get house prices back under control. With interest rates low, now is the perfect time for an ambitious programme of home-building."

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The statistics show that the local house prices to wages ratio has risen significantly since 1997. For South Derbyshire the ratio has risen from 3.02 to 5.63.

North West Leicestershire has seen an even more significant rise from 3.27 to 6.34.

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