Workers’ Housing Affordability Improved

The results of the recent Halifax Key Worker Housing Review show that housing affordability for key sector workers in the UK has improved since the 3rd quarter 2007, when property prices were on the peak. At the moment, one in six towns, which stands for 18%, has become affordable for UK workers. Although the majority of towns still remain unaffordable, the calculations of Halifax suggest that 21% of UK towns are affordable, compared to only 3% in 2007. The review included the analysis of the 5 key groups of workers; the results suggest that the employees in all the 5 groups have seen housing affordability since 2007. The biggest improvement has been seen by police officers. In the first quarter of 2009 more than one in three towns, that is, more than 37% were affordable for police officers, compared to only 15%, or one in seven towns, in 2007. The Halifax housing economist, Martin Ellis, said that the improved property affordability for key sector workers has been noticed almost in all parts of the UK; he added that the improvement can be attributed to the decreased property prices and increased level of earnings, compared to 2007. Unfortunately, he is determined that housing in the majority of UK towns is still unaffordable for a typical worker. Apart from police offers, UK teachers have seen a significant improvement in housing affordability. However, the results of the review clearly indicate that all the “affordable” towns are located outside the South of England, which means that the housing market in the South is still very limited.