House prices in Bath are almost 13 times the average wage in the city.
11-25-2015
According to the National Housing Federation the average house price in Bath and north east Somerset is £321,674 or 12.7 times the average salary of £25,324.
The federation's latest Home Truths report also revealed that in the South West would-be homeowners would have to increase their salary by a massive 130 per cent to afford the average home priced at £240,427.
The reports said the region had 20 per cent of the country's second homes and a rapidly ageing population, which had led to an increase in unaffordability
In the next 22 years the South West is predicted to see 441,000 households created.
The federation said housing associations were attempting to end the region's crisis and were providing 236,572 affordable homes in the South West.
Affordable homes in Bath are below market prices and are for people who are unable to buy or rent houses available on the open market without financial assistance.
Last year housing associations built 50,000 homes across the country - 40 per cent of all new homes in England. In Bath and north east Somerset local social landlord Curo built 164 new homes. The organisation manages nearly 13,000 homes in total.
Curo offers rented homes, as well as a number of homes on a part buy, part rent basis through shared ownership.
Curo chief executive Victor da Cunha said: "These latest figures confirm what local people already know – that finding an affordable place to live is increasingly challenging.
"The under-supply of new homes puts pressure on both rents and house prices. Building new affordable homes has been a priority for Curo for a number of years and a strong and effective partnership with Bath and North East Somerset Council has helped us deliver over 160 new homes locally in the last year alone.
"We're continuing to invest in house-building, with plans for the first 275 homes at Mulberry Park in Foxhill approved and hundreds more homes in our development pipeline."
Kat Hart, external affairs manager for the South West at the National Housing Federation said the country's housing crisis was affecting everyone.
She added: "With house prices in the area climbing as high as 15 and a half times average salaries, it is becoming increasingly clear that without drastic action we run the risk of being unable to house our children.
"There is no solution to this crisis that doesn't involve the building of more homes and eliminating the shortfall that saw 6,500 less homes than needed in the region that were built last year.
"Housing associations manage almost 240,000 homes in the South West and are key partners for government as we seek to work together and end this crisis for good."