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Enfield residents would need to earn more than double the current average wage in the borough to meet house price increases, figures say
Enfield residents need more than double the current average wage to keep up with the increase in house prices, figures have revealed.
Homeless charity Shelter looked at wage and house price inflation since 1997 to calculate what the average annual earnings would be if they had risen at the same rate as house prices.
Their statistics showed that the average current wage in the borough is £26,241.
But Shelter’s results suggest that their actual wage would have to be £59,559, a rise of £33,138, just to keep in line with rising house prices.
Enfield man Andy McGee, 28, is living with his wife in his parent’s house, while they try to save for a deposit. Andy’s brother and his partner are in the same situation and also living in the house.
He said: “We would love to be able to buy somewhere when we’re in our 30s, but with house prices as high as they are, even this is looking pretty much impossible.
“If you’d asked me when I was 21 and graduating, I’d certainly be expecting to own some sort of property within a few years. It’s sad that even though we’re living with my parents and saving as much as we can, this is still so far out of reach.”
Of all the London boroughs, Enfield’s margin between current wages and the average wage based on the increase of house prices, is 28th highest out of 33.
The highest borough in London is in Westminster where the average annual salary would have to increase by more than £100,000 to be in line with the rise in house prices.
Hackney people would need to a rise of £100,600 to keep pace.
Elsewhere, the lowest is Havering where wages would still need to increase by £15,302.
Campbell Robb, Shelter’s chief executive, said: “When you’d need to more than double your salary just to keep up with rising house prices, it is no surprise that the dream of a home of their own is slipping further out of reach for a generation."