HOUSE prices in the south east of England have been estimated to have grown by two-thirds over the past ten years.
In comparison house prices in the north west and other areas of the country have managed a growth of around only one quarter over the same period.
The south east is now however hitting a crisis. Affordability is falling, new build is limited (partly due to ‘green belt’) and companies are finding it more challenging to attract the right people because of this.
Cambridge for example now has an average house price of £413K in comparison to Warrington at only £186K!
With average weekly earnings in Cambridge at £546 and in Warrington at £488 it is easy to see who is likely to be better off and where new buyers can get on the property ladder more easily.
So while currently things seem fine on the housing front it is important not to be complacent.
If the economy of Warrington is to continue to expand then having access to a continued supply of labour is essential.
That labour needs somewhere to live, at reasonable rates if companies are to be competitive.
Housing stock expansion needs long-term planning and the need is rapidly approaching.
- LAWRENCE Bellamy is associate dean at the University of Chester's Padgate campus and writes a regular column for business.
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