The Daventry area is one of the 10 most unaffordable areas of the East Midlands to buy your first home.
Figures released today (Friday) by the National Housing Federation show in the Daventry district the average cost of a first home – £146,000 – is almost 10 times younger adults’ average salary at £14,815, giving a ratio of 9.9.
The figures make the district the 10th most unaffordable in the East Midlands for first time buyers.
Ahead of Daventry are areas including Charnwood in Leicestershire with a ratio of 10.2, in Rutland the average first time buyer can expect to pay 11.2 times their annual salary for their first home. But top of the list, making it the least affordable place in the region, is South Northamptonshire, where first homes cost 12.2 times salaries.
Across the region the research found that two thirds of all local authority areas in the East Midlands now have house prices that are over eight times the average wages for first time buyers.
The National Housing Federation claims decades of successive governments failing to build enough homes has led demand for homes to far exceed supply, driving up house prices and causing home ownership to fall to a 29 year low.
In a YouGov poll the National Housing Federation found 87 percent of 18 to 34 year olds say it is difficult for their generation to get on the housing ladder in Britain.
With demand for homes pushing prices up, average first-time buyers today need a £30,000 deposit, almost 10 times the deposit required in the early 1980s in real terms.
Kate Warburton, external affairs manager for the East Midlands at the National Housing Federation, said: “If the new Government doesn’t urgently address the chronic shortage of housing, young people and families will continue to be locked out of ever owning a home in future.
“Younger people in the East Midlands, especially those whose parents can’t help financially, can find themselves stuck living in their childhood bedrooms or paying high private rents that make it almost impossible to find a home that is genuinely affordable.
“That’s why the National Housing Federation is backing the Homes for Britain campaign, calling on the new government to publish a long term plan to end the housing crisis, which addresses all aspects of the market, within its first year of office.”