Not enough homes built in the county and the high cost of a mortgage are among the reasons for the growing housing crisis in Lincolnshire, according to a new report from the National Housing Federation.
Between 2012 and 2016 around 3,983 too few homes were built in Lincolnshire — and the East Midlands Home Truths 2017/18 report also estimates that a Lincolnshire worker on average earnings needs a 77% pay rise to afford a mortgage.
The average home costs around £186,995 in Greater Lincolnshire — eight times the local typical salary — making it increasingly difficult to get on the property ladder.
It isn’t just home owners and potential buyers being affected as the cost of renting privately is taking up around 28% of renters’ income.
Rents across the region are increasingly unaffordable, with 19% of Housing Benefit recipients in work and still unable to afford their rent and that figure is lower than the country’s average.
More homes are needed and in 2016/17 housing associations completed or started building around 7,000 in the East Midlands, over half of which will be for social and affordable rent.
Providing affordable homes for key workers is central to the government’s vision to create a ‘Midlands Engine’ and external affairs manager for the National Housing Federation Helen Greig said: “The housing market has seen a relentless rise in the gap between house prices and people’s salaries. Lincolnshire is no exception.
“Attaining a mortgage is increasingly unrealistic and private sector rents make saving up that bit more difficult.
“As this year’s Home Truths report shows, it is more important than ever for the sector to be able to deliver homes that are truly affordable.
“If we want to get serious about ending the housing crisis, we need to start looking at unlocking more land so we can build homes faster.”