House Price Rises Out of Control: Sanders

4.00.00pm BST (GMT +0100) Thu 27th Jul 2006

Statistics obtained by local MP Adrian Sanders have revealed the extent of house price rises in Torbay.

The figures, published by the Halifax bank, reveal that the average house price in the Bay is now £170,018, a 7% increase on last years figures. This is higher than the UK figure, which showed a 6% increase.

The statistics are the latest confirmation of the scale of the housing crisis facing people looking for a home in Torbay, and the local MP has again called on the government to provide more support for those looking to buy or secure regulated rented property in the area.

Adrian commented:

"House prices in Torbay have nearly doubled in the last 5 years, whilst wages have hardly moved in the same period and remain significantly below the national average. The South West has the second highest income to house price ratio gap behind London.

"First time buyers in the area need to earn three to four times the average local wage in order to persuade a lender to offer them a mortgage. This leaves thousands of local working people with no hope of home ownership and adds pressure to the already lengthening waiting list for regulated rented housing.

"Behind these statistics lie thousands of individual stories of unnecessary hardship that will only be eased by increasing the amount of housing available for part purchase/part rent or on regulated fair rent tenancy agreements through housing associations. It does not mean extra housing, but ensuring a greater percentage of the homes being built in the area meet local need."