People feel they have to “win the lottery” to be able to afford the cost of a house in Hertfordshire, a report has shown.
The survey, by the National Housing Federation, shows the cost of buying a house in the county has skyrocketed five times as much as a person’s income in the past ten years.
The research shows that in 2001, the average price of a home in the county was £173,202 and the average salary was at £18,470.
But in the last ten years, the price of a home has gone up by £312,786, showing an 81 per cent hike.
Wages, however, have only risen at 16 per cent making the cost of buying a home in the area almost unaffordable.
Barry Allsuch, who has worked as an estate agent in Radlett for more than 30 years, said the number of properties his firm sold last year had gone down.
He said: “I have noticed less people buying houses in the last year.
“It is hard to put a specific figure on it, but I think the number of units we sold in 2011 was down by around ten to 15 per cent.
“Less people are buying properties because the banks and building societies are not lending money as enthusiastically as they were. As a result, more people are renting.”
Last year, a survey by property website mouseprice.com found that Newlands Avenue, in Radlett, boasts some of the most expensive houses in the area.
The figures, based on Land Registry sale price statistics, show the average cost of a house in the private road is around £2,146,500.
And earlier this year, a report by primelocation.com found that 47 per cent of homes in Radlett are valued at one million pounds or more, making it the second most expensive place to live in the
Kate Dodsworth, assistant director for London, South East and East of England at the National Housing Federation, said these figures are “shocking.”
She added: “They show how it is getting increasingly difficult for thousands of people in Hertfordshire to buy a home of their own in the current climate.
“With the gap between income and house prices growing even wider, people can feel like they have to win the lottery just to own a home in their area.
“Unless we start building more homes people can truly afford to match the demand, this will only get worse.”
Are you finding the cost of house prices in Borehamwood, Elstree, Radlett and Aldenham unaffordable? Call the news desk on 07795 223 610.