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Nurses, police officers and teachers have best chance of owning a home in a decade

Key public sector workers have seen the ability to purchase their own home continue to improve and near a level last seen a decade ago, research has found.

Those in the public sector, such as nurses, police officers and teachers, can now find affordable property in 38 per cent of towns, compared to 36 per cent in 2012.

And while that may still exclude buying in most locations, it puts them in a far better position than near the peak of the property boom when just four per cent of towns were considered affordable for them.

The Halifax research, based on the benchmark ratio of average house price to average earnings, where the property is considered affordable to buy if the ratio is below 4.0, says the improvement has come largely as a result of house price falls in northern areas. 

Affordability still remains below the 2003 level when the average house was considered to be affordable in 43 per cent of towns.

  More... The first-time buyer's guide to getting a mortgage and climbing onto the property ladder House hunters hit highest level for three years on falling mortgage rates and Help to Buy Want to buy a home or find a cheaper deal? Get fee-free mortgage advice

Key workers are held up as an important example of whether property is affordable as they are needed for essential public services.

All key worker occupations analysed have seen large improvements in the affordability to buy in the last five years, the High Street bank says.

Nurses have seen the number of affordable towns increase from seven per cent to 35 per cent, while teachers have seen an increase from 11 per cent to 40 per cent. Firefighters have seen an increase from one per cent to 31 per cent.

However, the largest gains have been made by the police (18 per cent to 49 per cent) and paramedics (18 per cent to 50 per cent).

Overall, in the past year, 20 towns have become affordable but 11 have become unaffordable. Among those which have become affordable are Bathgate in West Lothian, Grantham and Margate.

 

The region which has seen the greatest number of towns – six – switch from unaffordable to affordable is Scotland.

At the other end of the scale, the West Midlands saw the most towns – five – become unaffordable for key workers.

The lowest house price to earnings ratio for key workers in Britain is in the North (3.64) followed by Wales (3.85) and the North West (3.87).

London (7.64) and the South East (6.72) have the highest ratios and are, therefore, the least affordable regions for key workers to buy a property.

Four of the ten most affordable towns for key workers to buy in are in Scotland; Wishaw in North Lanarkshire is the most affordable town in Scotland with an average house price to earnings ratio of 2.60.

Cumnock in East Ayrshire (2.64), Irvine in North Ayrshire (2.65) and Clydebank (2.71) are the next most affordable.

Port Talbot in South Wales, however, is the most affordable town in Britain for all key workers (2.58).

The least affordable areas for key workers are all in London, where house prices are significantly higher than the national average. The least affordable areas include Islington, Hammersmith and Fulham, Camden, Westminster, and Kensington and Chelsea.

Martin Ellis, housing economist at Halifax, said: ‘A combination of declining or static house prices in many areas, combined with some growth in earnings, has contributed to the improvement in housing affordability since 2008.

‘However, significant house price growth in the past decade as a whole has meant that housing is still unaffordable in more than half of the towns surveyed.’




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