You are here: Home - Uncategorized -

Public workers barred from owning homes across the UK

Written by:

Public sector workers like nurses, police, firefighters and teachers cannot afford to buy their own home in 70% of towns throughout the UK, according to Halifax, the country’s biggest mortgage lender.

It said that property was most unaffordable in London and the South East, but that prices were now rocketing out of reach for many in the public sector in many other parts of the country not normally associated with high housing costs.

Of 517 towns and local authorities surveyed by Halifax, 363 (70%) were identified as unaffordable for key workers on standard salary grades for their occupations.

Halifax said that a town was deemed unaffordable if the average price of a house was more than 4.46 times the average wage of the workers, which is also the average income multiple for a first-time buyer.

Housing minister, Yvette Cooper, said: “No Government has done more to help key workers; since 1997 almost 25,000 key workers have got their first step on the property ladder through Government shared equity and shared ownership schemes.”

Anne Mitchell of trade union Unison said: “Health workers are effectively being given a pay cut and the idea that they can get on the property ladder is a non-starter for many.

“There is a real shortage of accommodation, both to rent and to buy, as hospital trusts have sold off a lot of on-site nurses’ property.”


Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Electricity market currently charging higher regional prices

The UK market for electricity is not “properly competitive”, according to research compiled by experts at Warwick University.