House prices almost five times the average local salary
Date published: 03 September 2014
House prices in Rochdale are 4.74 times the average local salary.
In 1997, homes in Rochdale were only 2.59 times the average local salary.
The affordability ratio is particularly significant, says the TUC, as the Bank of England has recently instructed banks to limit the proportion of mortgages they offer that are more than 4.5 times applicants’ salaries. Rochdale's is in excess of this.
This has also affected the ‘Help to Buy’ scheme, in which the government has restricted the amount of borrowing on mortgage guarantee loans.
Recent statistics show that in the Rochdale area, 49 loans have been completed under the ‘Help to Buy’ scheme and over £5million has been lent in the area to help people get on the property market.
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