24th April 2007 09:58
According to recent research from the Halifax, property has become unaffordable for the majority of Britain’s key workers, who include the police, nurses, teachers, social workers, and health care assistants. In 70% (363 out of 517) of towns across the country, property is now too expensive for key workers, up from 65% last year and just 36% five years ago. There are as many as 20 towns in Great Britain where the average house price is over 10 times the average earnings of key workers.

Results show that nurses and firefighters face greatest affordability problems, with 99% of towns maintaining house prices that were too high for the average nurse and 97% of towns being unaffordable for firefighters. In March 2002, the average house price was unaffordable in only 55% of towns for firefighters and 58% of towns for nurses.

Affordability of properties is worst in London and the South West with the average house priced too high for any key workers in all London boroughs and towns in the South West. Five years ago, London property was unaffordable for 94% of key workers but only 38% of towns in the South West matched London’s unaffordability. Regionally, Buckinghamshire is the least affordable county in the UK for key workers above even Kensington and Chelsea. The fastest growth in property prices, and unaffordability foe key workers, has been marked in Truro, Buxton, and the East Midlands. Half of the 10 most affordable towns for public sector employees are in Scotland.

Housing Minister Yvette Cooper said: "No government has done more to help key workers; since 1997 almost 25,000 key workers have got their first step on the property ladder through government shared equity and shared ownership schemes."

Nevertheless, it is no surprise that many key workers are looking to move abroad. The last five years has seen an exodus of nursing staff from the UK to countries like the USA and Australia. It remains to be seen whether more key workers will be driven away by UK property prices.

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