Majority of towns 'unaffordable' for key workers

13-Apr-2007

In news which may be of interest to first time home-buying key workers, new research suggests that a majority of towns are unaffordable for those working in core professions.

According to data published by Halifax in its key worker housing review, for these workers - which may include first time home buyers - within its list of five core occupations, last month 70 per cent of towns offer average house prices which are out of reach.

"Housing affordability continues to deteriorate for key workers across Great Britain and it is now clearly not a problem confined to the south of England," said Tim Crawford, a group economist at Halifax.

"All key worker occupations are likely to struggle to purchase a house apart from in Scotland," he added.

Indeed, according to Halifax, the problem of affordability is most likely to be felt by firefighters and nurses, with 97 per cent and 99 per cent of town average house prices now unaffordable.

For information about New Build HomeBuy, key worker schemes and shared ownership, click here.

The lender's list of core occupations is made up of police officers, nurses, teachers, paramedics and firefighters.

Halifax offers a range of financial products and services, including current accounts and mortgages.

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