Janet Finch-Saunders, Member of the Welsh Parliament for Aberconwy is concerned by the latest news that a staggering 7 out of every 8 people cannot afford to buy in the area in which they live.
According to Skipton Group, high rent, bills, and house prices make it more difficult for renters to buy their first home compared to existing homeowners moving on. Their new index, compiled by Oxford Economics, indicates that renters are four times less likely to purchase a home than current homeowners.
The UK-wide study found that the situation is particularly challenging in Wales, due to a combination of low savings and moderate property prices.
Among renters in the top 25% of earners, with an income of more than £71,250 a year, only 44% could afford to buy a first home.
Commenting on the news Janet said:
“This is extremely disheartening news. Owning property is the bedrock of our society, offering us both security and stability.
“We must ensure that people who have the ability and wish to buy homes and not spend their entire lives paying rent, can do so.
“Here in Aberconwy we are seeing first hand increasing property values and rental costs.
“As I have made clear in the Welsh Parliament on several occasions, young people are being priced out of the market; out of our communities. The Welsh Conservatives have a detailed plan to undo the Welsh Government housing crisis. More than ever, Aberconwy and Wales need those policies to be given a chance”
ENDS
