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Horsham district housing prices still increasing
THE AVERAGE cost of a house in the Horsham district is more than 12 times the average salary in the area, raising continued concerns about affordability.
The issue has been brought into sharp focus with the publication of the National Housing Federation's (NHF) 'South East Home Truths' on November 11.
It states the average home costs 306,535 in Horsham, whereas average income rests at 24,913.
According to the NHF's figures, Horsham has the highest average income in West Sussex, but the second most expensive average house price.
The organisation calculates affordability by dividing the average cost of a home by average salary, resulting with 12.3 in Horsham.
Chichester has the least affordable homes, at an average of 340,063, costing more than 20 times the 16,463 average salary there.
The NHF states it 'is not surprising' therefore that increasing numbers of people are turning to social housing, with more than 17,000 households in West Sussex on waiting lists, an increase of 60 per cent in the last five years.
Warren Finney, South East regional manager for the NHF, said: "Given the current state of the economy, where we are seeing increasing unemployment and repossessions, combined with a growing population and rises in overcrowding, home ownership's just a dream for thousands of low-to-middle income households in the South East.
"The solution has got to be to invest in more high quality homes for social rent now, before prices begin to shoot up again."
However, prices are still increasing in West Sussex despite the recession, according to the Royal Institute of Chartered Surveyors (RICS) which stated on November 10: "House prices in West Sussex are continuing to rise despite a strong supply of new homes to the market."
Philip Hiatt, from Halifax Estate Agents in West Sussex, agreed. "October saw our best month for completed sales for two years. The up to 250,000 market is very active, largely driven by a shortage of property," he said.
"Although the supply of property is beginning to pick-up," said RICS South East director Peter Miller, "it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term."
Supply is instrumental to the affordability crisis experienced by many middle and low income families in West Sussex.
The NFH's Warren Finney said: "Housing is at the heart of the solution to economic recovery, and the Government must ensure it remains a funding priority, enabling the region's housing associations – who build the majority of affordable homes here – to deliver the high quality affordable housing we so desperately need."
A spokesperson for Horsham-based social housing provider Saxon Weald told the County Times: "We're building affordable housing to meet all kinds of need, and are committed to energy-efficient and environmentally-friendly development.
"It is one of Saxon Weald's objectives to grow to own and manage 10,000 homes across the region. We currently own and manage almost 5,000 homes in East and West Sussex and Hampshire."
Meanwhile Horsham District Council stated 'it has a programme for new high quality homes for social rent, which expects to deliver nearly 200 units between 2009-2011'.
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Weather for Horsham
Thursday 24 May 2012
Today
Sunny spells
Temperature: 14 C to 26 C
Wind Speed: 10 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 12 C to 23 C
Wind Speed: 20 mph
Wind direction: North east
