Cambridge: Warning Of 'Affordability Crisis'
11 April 2014, 06:27
There's a warning Cambridge is too expensive for home owners, and is on the verge of an "affordability crisis".
Many parts of the UK are on the verge of an "affordability crisis'', with up to nine out of 10 houses out of reach of local people, according to a study.
Research by property search engine Adzuna.co.uk showed that 91% of homes in London were too expensive for locals, while other areas highlighted were Brighton, Oxford, Chelmsford and Cambridge.
The comparison of property prices and average local salaries showed that Belfast, Sunderland, Salford and Hull were the most affordable places for first-time buyers.
In these areas, average property prices were 2.5 times average local earnings compared with over seven times in the most expensive cities.
Andrew Hunter of Adzuna said ``Despite government schemes like Help to Buy, it's clear that many parts of the country are on the verge of an affordability crisis, with young first-time buyers being almost completely priced out of the market.''