Property News · November 1, 2016

Teachers priced out of house market as property prices soar to 11 times earnings


As the education secretary calls for a 1% cap on pay rises, new figures show how hard it is for teachers to buy a house across much of BritainAndy Winter, a media teacher from north London, has spent the last three years living on a boat. “It was the only home I could afford to buy,” he says. “I rented for 15 years, spending hundreds of thousands of pounds, but when I looked into buying a flat at the age of 34, I couldn’t afford it.”The new one-bed flats that overlook his boat on Regent’s canal, in Hackney, east London, are on sale for about £300,000. That’s about 18 times Winter’s take-home pay. Renting one – especially one with a view of the canal – would cost him at least his entire salary. “A few years ago, my ex and I looked at buying in the cheapest area of east London, a 90-minute commute from my school. But we would have been £200 a month short of the mortgage on a one-bed flat. Alone, today, there’s no way I would be able to afford it.” Continue reading…

Source : theguardian.com
Read more…Teachers priced out of house market as property prices soar to 11 times earnings

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