Over 70% of homes for sale in Lincoln ‘unaffordable’ for first-time buyers

At least 70% homes in the Lincoln property market are unaffordable for first-time buyers, according to a study by housing charity Shelter.

The new research, which looks into housing shortages in the East Midlands, has revealed that only 29.7% of the homes for sale in Lincoln are affordable to an ‘average first-time buying family’.

The data, published on Wednesday, April 29, is based on Annual Survey of Hours and Earnings (ASHE) income data, which concluded that the average first-time buying family is a couple in their twenties, with a child or children with one on full-time and one on part-time income.

It’s also taken to mean a couple on two full-time incomes, or a single person on full-time income.

The housing charity analysed the asking prices of thousands of properties for sale, and compared them with mortgages that an average family could afford.

In order to work out which homes were affordable for these families, an ‘affordability threshold’ was calculated by working out how much an average first time buying family could borrow, based on data published by the Council of Mortgage Lenders.

The research indicated that around 20% of homes for sale across the East Midlands are affordable for families that need at least two bedrooms, and only 7% are affordable for larger families looking for homes with three bedrooms or more.

The region’s hotspots for unaffordable housing were South Northamptonshire with only 6 affordable properties, and Melton where there were just 10.

In Lincoln, there were 73 affordable properties with two or more bedrooms on the market, putting the city 274th in the national rankings for affordability.

In North Kesteven, 16.3% of homes on the market were affordable according to the data.

In South Kesteven, 18.3% of homes for sale were affordable and in West Lindsey, 21.7% of homes are affordable to average first-time buyers.

Overall in the East Midlands, there are 4,450 affordable homes with two or more bedrooms on the market – 19.4% of the total for sale.

Campbell Robb, Chief Executive of Shelter, said: “Over 80% of homes on the market are off limits for a typical family in the East Midlands, and this is nothing short of a scandal.

“Decades of failing to deliver the homes we need is leaving millions trapped in expensive and unstable private renting, or in their childhood bedrooms, with barely a hope of saving for a home of their own. It’s no wonder that a week out from election day, affordable housing is a key concern for those heading to the polling booths.

“For the next government, whoever that may be, it’s time for the talk to stop and the work to begin.

“Politicians need to act swiftly to deliver the plan that will build the 250,000 homes a year we need, or millions more people will be forced to kiss their dreams of a stable and affordable place to live goodbye.”