45,000 fewer homes than needed built in the West Midlands over the last five years says National Housing Federation report
Nearly 45,000 few homes have been built in the West Midlands over the last five years, according to the National Housing Federation, with Birmingham alone needing 18,000 to meet the deficit.
Last year alone, less than 12,500 homes were built in the region, far below what is required to accommodate the 19,000 new households that are formed each year, said the Home Truths 2016/17 report.
The housing market in the West Midlands is characterised by its diversity, says the report, which provides local data on the housing market in the West Midlands, from cities and their urban surroundings, to historic market towns and small rural communities. House prices vary widely, from £330,000 in Stratford-on-Avon to £112,000 in Stoke-on-Trent.
Warwick, Solihull, Bromsgrove and Wychavon complete the five most expensive areas to buy in the West Midlands, while Sandwell, Wolverhampton, Newcastle-under-Lyme and Walsall complete the five least expensive.
The average home in the West Midlands costs around £197,600, almost eight times the local typical salary, rising to nearly 11 times in areas such as the Malvern Hills and Wychavon.
While the average salary in the West Midlands is below the national average of £25,000, only those earning upwards of £45,000 a year can now afford the typical mortgage, says the report.
Monthly rents also vary greatly across the region, from £450 to over £800, with the average monthly rent now standing at £607.
Kate Warburton, external affairs manager for the National Housing Federation in the West Midlands, said: “Every new statistical release paints a bleaker picture of the current state of the housing market. The reasons for the situation we are in are varied and complex, but one thing is clear: we simply haven’t built enough homes as a nation. And this year’s Home Truths findings for the West Midlands are a stark reminder of this.
“Housing associations are a vital part of the solution to the housing crisis. The sector is buoyed by the additional funding and flexibility secured in the Autumn Statement and is ambitious about delivering even more houses.”