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.
Malaysia Airlines plane crash exposes alarming flaw in airline security: over one billion flights made last year without stolen-passport check
International Women's Day 2014: The shocking statistics that show why it is still so important
Teacher shows sex tape featuring herself to pupils during class by mistake
Swarm of killer bees sting woman 1,000 times
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 Teacher shows sex tape featuring herself to pupils during class by mistake
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 5 Swarm of killer bees sting woman 1,000 times
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...