Elmbridge is the most difficult place to buy first home

ECHweb1

ECHweb1

Elmbridge in Surrey is the most difficult place in the South East to get a first step on the property ladder, new research from the National Housing Federation reveals today.

Chicester, Horsham and Winchester, closely follow as the top areas in the South East where average wages, house prices and limited ability to save for a deposit collide to price out would-be homeowners.

The research found that all local authorities in the South East except for three (Swale, Medway and Dover) have house prices that are over 10 times the average wages for first time buyers.

The National Housing Federation highlights that 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 that an overwhelming 87 percent (almost nine in 10) 18-34 year olds say it is difficult for their generation to get on the housing ladder in Britain.

The National Housing Federation highlights that the current generation of aspiring first time buyers are considerably worse off than their parents were when it comes to their chances of being able to buy a home, due to successive Governments failing to build enough homes to keep up with demand. With demand for homes pushing prices up, average first-time buyers today need a £30,000 deposit, almost ten times the deposit required in the early 1980s in real terms.

Alistair Smythe, External Affairs Manager for the South East 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 South East, 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.”

Top 20 Most expensive places to become a first-time buyer in the South East

Lowest quartile average house price Lowest quartile average income Affordability Ratio Homes needed per year Homes built in 2014 Homes shortfall
1. Elmbridge  £285,000  £13,274 21.5 556 260 296
2. Chichester  £215,000  £10,989 19.6 601 300 301
3. Tandridge  £229,475  £11,886 19.3 461 90 371
4. Mole Valley  £250,000  £13,438 18.6 421 110 311
5. Horsham  £215,000  £11,674 18.4 759 760
6. South Bucks  £279,995  £15,358 18.2 339 110 229
7. Sevenoaks  £220,000  £12,147 18.1 523 90 433
8. Winchester  £230,000  £12,918 17.8 384 600
9. Waverley  £249,950  £14,421 17.3 503 180 323
10. Chiltern  £267,000  £15,668 17.0 228 80 148
11. Windsor and Maidenhead UA  £250,000  £14,772 16.9 730 490 240
12. East Hampshire  £207,500  £12,566 16.5 504 440 64
13. Rother  £148,000  £  9,081 16.3 551 120 431
14. Hart  £230,000  £14,204 16.2 386 220 166
15. Wealden  £179,725  £11,198 16.0 565 550 15
16. Wycombe  £215,000  £13,511 15.9 408 180 228
17. Guildford  £242,000  £15,350 15.8 720 190 530
18. Epsom and Ewell  £242,000  £15,368 15.7 372 130 242
19. South Oxfordshire  £215,000  £13,755 15.6 391 470
20. Tonbridge and Malling  £187,500  £12,022 15.6 830 630 200
Scroll to Top