A couple with one child will have to save for more than 20 years, before they have enough money for a deposit for a house in Enfield.
The report, ‘A Home of Their Own’, commissioned by the housing charity Shelter and prepared by Liverpool Economics reveals the financial adversities Enfield residents face in achieving the dream of buying a home.
Combining official projections of earnings, inflation and the forecasts for house price growth, the report finds that a couple without children would have to wait over 10 years to buy in Enfield or less than half the time in would take families. Single people face the longest wait of almost 23 years.
Whilst the figures for Enfield are slightly better than the London average, they far outstrip the average across England where it would still take a couple with one child 12 years to save for a deposit.
This situation has been exacerbated by severe shortages in housing stock, with housebuilding, under the Tory-led Government, at the lowest levels in peacetime Britain since the 1920s.
Joan Ryan, Labour’s Parliamentary Candidate for Enfield North, said:
“Shelter’s report highlights, once again, the housing crisis we face and the Tory-led Government has made it worse. Their housebuilding programme is not fit for purpose and schemes such as Help-to-Buy have not helped enough people onto the housing ladder.
Buying a home is increasingly out of reach for too many Enfield residents. As a consequence, they are forced into the private rented sector and find rent payments increasing faster than their wages.
A Labour Government will close the gap in the housing shortage by building 200,000 a year by 2020. We will give local authorities new ‘use it or lose it’ powers over developers who do not build on land with planning permission and we will tackle empty homes by giving councils more power to charge higher rates of council tax on empty properties.
Labour will also alleviate the difficulties faced by private renters, by making three year tenancies standard, capping annual rent increases and banning letting agents charging fees to tenants – saving Enfield residents up to £350 per year.
- The report from Shelter, ‘A Home of their Own’, can be found here: See page 21 for information on Enfield.