Kate has expressed her concern over new figures showing that, since 2010, it’s harder for local people to own their own home.
Under the Conservative government, house prices have risen faster than wages. In Trafford, the average house price has gone up from £180,000 in 2010 to £260,000 in 2018, a huge rise of 44 per cent.
But even though there’s been a massive increase in house prices, the average wage has only risen by six per cent from £26,092 in 2010 to £27,565 in 2018.
This gap between earnings and house prices is much greater in Trafford than elsewhere in our region, meaning local people face a real struggle to get on the housing ladder.
In the North West, the average house price has increased by 21 per cent, while wages have only risen by 13 per cent since 2010.
Analysis from the Labour Party has shown that hundreds of thousands fewer under-45s nationwide own their own home now than in 2010.
in 2009-10 there were 4.46 million under-45s that either owned their own home outright or with a mortgage. In 2017-18 that fell to just 3.59 million.
This means that young people are having to rent for longer, before they can buy a home of their own.
However, with the cost of average weekly private sector rent in Trafford rising by 26 per cent since 2010, and more than three thousand households on the waiting list for a Council home, people often find themselves paying high rents, leaving them less able to save and buy their own home.
The number of people renting their home privately has almost doubled since 2010.
Kate said: “It’s really difficult for local people to buy homes of their own when house prices are rising faster than wage increases can keep up with.
“A generation has been locked out of home ownership over the last decade thanks to Conservative failure on housing.
“Five years ago, Conservative ministers promised to build 200,000 ‘starter homes’ but not a single one has been built, while the number of new low-cost homes to buy like shared ownership almost has halved since 2010.
“The country needs a new plan to fix the housing crisis. That’s why Labour will back first-time buyers with 100,000 discounted FirstBuy Homes, help curb renting costs and give first dibs on new homes for local people.”