House price boom may `derail' recovery
Tuesday 09 November 1999
Prices of homes in the South-east are on average five times higher than mean annual incomes, according to the National Housing Federation.
It said employers were being forced to raise wages to get workers to take jobs. It said a hotel in Weybridge, Surrey, had to house two-thirds of its 130 staff in hotel bedrooms or in homes it had bought.
Liz Potter, NHF policy director, said 1.4 million homes must be built over the next 17 years to prevent the economy from suffering. "If we do not build these homes, employers will struggle to find employees," she said. "People already living in the region will also struggle to afford homes. We need 11,000 new affordable homes every year to keep pace with demand."
The report calls on the Government to increase employment opportunities in other areas of the country and stem migration from north to south.
A separate report said the gap between prices in London and the worst- performing region, Yorkshire and Humberside, had reached a record pounds 76,500. Roof magazine said the gulf was one of six factors that showed the market was unstable. The others were soaring prices, risky lending, booming confidence, arrears, repossession and record lending volumes.
- 2 Dutch King Willem-Alexander declares the end of the welfare state
- 3 A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
- 4 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks busy Dublin road
- 5 'Cool kids' can go on to become losers in later life, study finds
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Edward Heath 'child sex abuse' allegation: Investigation to be held into Wiltshire police handling of alleged claim in the 1990s
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...
£11000 - £50000 per annum: Recruitment Genius: This financial company offer ma...