Data released today by the National Housing Federation reveals that Bath & North East Somerset is one of the most expensive districts for housing in South West England.
The Homes Truths South West 2016/17 report from the National Housing Federation reveals that:
- Bath & North East Somerset (B&NES) has the highest average private sector rents in the South West at £1096pcm and the second highest average house price at £349,391.
- The ratio of house prices to earnings in B&NES stands at 11.9x and people living in the district need to earn an average of £79,861 to buy the average-priced home – the second highest required salary in the region.
Commenting on the report, Curo CEO Victor da Cunha (pictured) said: “As the largest social landlord in B&NES, we already let over 11,000 homes on reduced rents to local families. We work closely with local authorities to make building new homes possible, and have completed over 1,000 new, affordable homes across the region since we formed Curo in 2012."
As a sector, housing associations like Curo are working to end the region’s crisis. Across England, housing associations built 29% of all new homes in 2015/16, and over half (57%) of all new homes started were funded without government investment.
“Housing associations are a key part of the solution to the housing crisis," added Victor, "but with reduced funding we have to act commercially if we’re to continue to increase housing supply.
"We’re doing this by building homes for sale and rent, some on the open market, some through low-cost ownership schemes and affordable rents. In this way we’ll be able to deliver up to 300 new homes a year across the West of England, including 700 at the Mulberry Park development underway in Bath.
“With no paid shareholders, every penny of profit goes back into our core social purpose: providing affordable homes and supporting people who need us.”