68% still can't afford a house; And that's even after prices fall by pounds 10,000.Byline: STEVE BAGNALLMORE than two thirds of home hunters in Wrexham still can't afford to buy a basic terraced house. Even though average prices have fallen by pounds 10,000 in the county, 68% still can't get their foot on the housing ladder, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. council figures. There are worries the social and private rented market is coming under increasing pressure as the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. stifles spending power The power of legislatures to tax and spend. Spending power is conferred to state and federal legislatures through their constitution. Judicial Review of legislative spending varies from state to state, but the law of federal spending informs courts in all states. . Wrexham Council chiefs are so concerned they want to launch a new housing policy to increase the number of affordable homes in coming years. Council leader Aled Roberts said: "There are young families being priced out of the market and we will try to deal with this issue." The executive board will next week look at proposals to have building developers ensure 50% of homes built on new developments with more than 10 units are affordable. If there are fewer than 10 units, council officials want a third to be affordable - which is defined as a property three and a half times a couple's pay and nine times a sole wage earner's. But housing chiefs know a balance needs to be struck between developers' interests and people's needs. Wrexham's chief housing officer Andy Lewis Andy Lewis may refer to:
"We've received pounds 1.8m from the Assembly's strategic capital investment fund, but that's only enough for 17 units." Mr Lewis said housing developments have come to a halt and believes it could be two years before it gets going again. He said: "What we have to do is strike a balance between making the area attractive for developers and have affordable units." Wrexham's council house stock has diminished in recent years as more people have bought them as homes. The student population has also grown, placing demands on the rented sector. And recently it emerged the Hightown block of flats with 181 units is under threat of demolition which will increase pressure on housing. The council wants to update its local development plan to help people struggling to get on the property ladder This article is about the real-estate term. For the reality television show, see Property Ladder (TV series). The property ladder is a term widely used in the United Kingdom to describe an individual or family's lifetime progress from cheaper to more expensive . Previously, the aim was to build 6,000 new homes by 2021, with 900 designated affordable. They want that to be increased to 2,205 by 2021. Opinion - Page 14 |
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