PRICEY: Oxshott in Elmbridge, which is the most expensive borough for house prices in the South East

Dorking and Leatherhead Advertiser

 

Mole Valley in top five most unaffordable places to live in South East

By Dorking Advertiser  |  Posted: November 04, 2014

By Alexander Robertson alexander.robertson@essnmedia.co.uk


Oxshott

MOLE Valley’s housing “crisis” has resulted in the area being rated among the five most unaffordable places to live in the South East.

According to figures released by the National Housing Federation this week, the average home in the district costs £439,329, compared to the average salary of £32,313.

The federation says the figures make Mole Valley the fifth least affordable district to buy a home in the South East of England, which itself is one of the country’s most expensive areas.

In its report, entitled South East: Broken Market, Broken Dreams, the federation says the amount of new homes being built is not meeting demand, causing housing prices to soar.

Rob Warm, head of external affairs for the National Housing Federation, said: “Our shortage of affordable homes is leaving thousands of people desperately struggling to keep up with spiralling housing costs.

“The housing crisis in Mole Valley and the South East has been more than a generation in the making so short-term initiatives aren’t going to fix it for this generation, or the next.

“We are calling for the next government to commit to ending the housing crisis within a generation by publishing a long-term plan for housing within a year of coming into power.”

Elsewhere in Surrey, the borough of Elmbridge, which includes the villages of Cobham and Oxshott, was found to be almost £100,000 more expensive than anywhere else, with the average house priced at £647,601.

This compares to an average wage in the borough of £44,933, making it the second most unaffordable place to buy a home in the South East.

Mr Warm added: “After decades of not building enough homes, the South East faces a shortfall of 400,000 homes, equivalent to the size of Birmingham, over the next 20 years. Not even half the homes needed have been built in the last few years, causing house prices and rents to rocket.

“Young adults are hit particularly hard – stuck in their childhood bedroom into their thirties, relying on the ‘bank of mum and dad’ to raise a deposit or in a cycle of short-term private lets.”

The report adds that rent prices in the area have also risen to £860, compared to the English average of £720.