House prices unaffordable on Isle of Wight
A new report, published by the National Housing Federation South East and the Chartered Institute of Housing, shows the current average house price in the Isle of Wight is 10.2 times the average salary.
The report shows house prices on the Island are among the most unaffordable in the south-east and will continue to rise, fuelled by a severe lack of housing and a growing population. Prices have been inflated due the large number of properties sold for second homes, to developers for buy-to-lets, and to people looking to retire on the Island.
Head of the association's southern region, Derek Cash, said: "Many more affordable homes are urgently needed. People will be unable to find a home in the area where they grew up and key public sector workers will have to move to cheaper parts of the country, making essential services more vulnerable. This will not help build the balanced neighbourhoods required for sustainability, which will have devastating consequences on communities — rich and poor alike."
The report shows house prices on the Island are among the most unaffordable in the south-east and will continue to rise, fuelled by a severe lack of housing and a growing population. Prices have been inflated due the large number of properties sold for second homes, to developers for buy-to-lets, and to people looking to retire on the Island.
Head of the association's southern region, Derek Cash, said: "Many more affordable homes are urgently needed. People will be unable to find a home in the area where they grew up and key public sector workers will have to move to cheaper parts of the country, making essential services more vulnerable. This will not help build the balanced neighbourhoods required for sustainability, which will have devastating consequences on communities — rich and poor alike."
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