Home truths about housing

OLDHAMERS have to pay six times their annual income to buy their first home, according to a new poll.

The report, Home Truths by the National Housing Federation, paints a bleak picture for first-time buyers. The average Oldham house now costs £120,582, while the average salary is £18,392.

Matthew Harrison, chief executive of affordable homes company Plumlife, said: “We’re not surprised at the findings and believe government schemes such as Shared Ownership have an important role to play.

“Certainly the building of more homes helps to reduce the problem of demand outstripping supply — which causes high prices in the first place. It’s then vital to offer working people an affordable, reliable route in to home ownership. There are too many people left out in the cold by our dysfunctional housing market.”