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House prices in Torbay mean local people struggle to buy homes

By HEDanielClark  |  Posted: August 13, 2014

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NEW RESEARCH from the Labour Southern Taskforce has revealed that house prices in Torbay are nine times the average annual wage of workers in the Bay.

Average houses prices in Torbay are £147,948, compared to the annual wage of £16,514. The average ratio of house prices to wages in England and Wales is only 7.8 times.

The situation is even more severe in Torquay and Paignton, where house prices are 11 times that on the annual average wage, while in Brixham, it is nearly 12 times the average, with prices averaging £196,789.

This research follows from recent discoveries that 29.9% of the workforce in Torbay have an hourly pay that is below the living wage, compared to 20% nationally, and that average wages in Torbay are nearly £6,000 lower than the average in the UK.

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A spokesman for the Labour Southern Taskforce said: "Around the South's coast, wages are often low and house prices high, making it impossible for local people to buy a home of their own."

Read more from Torquay Herald Express

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  • KeithDonkey  |  August 13 2014, 4:48PM

    House prices have not really risen in Torbay for the past 15 years. The housing market is supply and demand. If workers can't afford housing in Torbay it is largely because of the huge rental sector. When huge areas of Torbay are buy to let and benefit hostel accommodation the supply is reduced. Low wages are a problem in the south west but if a migrating population were not encouraged to live by the sea on benefits house prices would be far cheaper. Labour think tanks give you all the incite of a fish tank.

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