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Housing market in Enfield under intense pressure

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Latest figures released by the National Housing Federation (NHF) have revealed the large ratio between local house prices and average incomes in Enfield.

For many Enfield residents the chance of buying a home is slipping out of reach, as the ratio of house prices to incomes in the borough now stands at 11.3:1, outstripping the national average of 9.5:1.

The NHF’s ‘Home Truths 2014/2015: Broken Markets, Broken Dreams’ report also shows that whilst the mean annual earnings of an Enfield resident was £27,347 in 2013, it would take an income of £70,410 to secure an 80% mortgage on a property in Enfield. As a consequence more people are being forced onto the rental market with ever increasing rental costs.

Labour is committed to ensuring that Enfield residents and all Londoners have the right to a stable and affordable home. A Labour Government in 2015 will be committed to building at least 200,000 new houses a year. In addition, those who are renting will receive a fair deal: increased security for renters by making three year tenancies standard, a cap on annual rent increases and a ban on letting agents charging extortionate fees to tenants.

Joan Ryan, Labour’s Parliamentary Candidate for Enfield North, said:

“The Tory-led government’s housing policy has failed.

House building has fallen to its lowest levels since the 1920’s and the Help to Buy scheme has not helped enough people onto the housing ladder.

Housing costs continue to rise as wages have stagnated. Our housing market is broken. Labour’s plans can help to fix it by making buying and renting in Enfield more affordable and secure.” 

Further information:

The National Housing Federation report ‘Home Truths 2014/2015: Broken Markets, Broken Dreams’ can be found here.

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