§ Mr. GrayTo ask the Deputy Prime Minister what the house price to incomes ratio is in each region; and what plans he has to boost affordable housing investment in the South West. [185182]
§ Keith HillThe latest data on property prices to earnings ratios are set out in the following table. The substantially increased funding for affordable housing announced in the Spending Review will, along with significant improvements in efficiency, provide 10,000 (50 per cent.) more social rented homes a year by 2007–08. More than 40,000 homes will also be provided in the next three years for essential public sector workers and through other low cost home ownership schemes. The Office of the Deputy Prime Minister is looking at how funding will be split between regions to reflect housing needs and our national housing priorities and targets.
Average property price (£)1 Average annual earnings (£)2 Ratio of property prices to earnings East of England 166,103 26,545 6.26 East Midlands 117,228 22,932 5.11 London 242,782 31,532 7.70 North East 85,702 21,017 4.08 North West 96,405 22,964 4.20 South East 196,027 28,037 6.99 South West 162,587 23,400 6.95 West Midlands 123,313 22,879 5.39 Yorkshire and the Humber 98,109 22,304 4.40 England 150,947 25,297 5.97 1 January—June 2003. 2 April 2003. Sources: Property prices: Land Registry Earnings: Office for National Statistics, New Earnings Survey