Average house prices in South Holland are now more than seven times the average salary for the area.
A report due to go before a meeting of the newly-created Greater Lincolnshire Combined County Authority outlines the situation.
“Accelerating housing delivery to support economic growth is generally considered a prerequisite for combined authorities to meet their full economic potential,” says the report which was due to go before members today.(June 26)
It goes on to show statistics indicating the cost of housing in the county versus the average wage of residents.
In South Holland the median earnings are shown as £33,179 while the house price is £237,500 – a multiple of 7.16 in terms of earnings. The county house price average is £225,000 and median earning is £31,800.
Members of the authority also heard that 69.6 per cent of homes are owned and 12.1 per cent are renting social housing with 17.2 per cent renting privately.
Across Greater Lincolnshire 66 per cent are owned, 13.6 per cent of residents rent social housing and 19.6 per cent rent privately.
The average house price for England is £287,000 and the affordability ratio is 8.18 as the median earnings are £35,100.
The authority was awarded £8.36m of capital funding to suppoer building new homes on brownfield sites. The money has been ‘commited to a range of projects in Northern Lincolnshire,” the report says.
Developing a housing strategy is earmarked as an ‘early priority’ of the authority and it is looking to recruit a full time housing policy officer.
The so-called Housing Pipeline is due to be finalised this summer with a strategy presented in January next year.
