Shropshire property prices double in decade

Property prices have doubled in Shropshire in the last decade with the average home now costing £194,696.

But the average income in the county has only risen by 25 per cent to £18,309.

The National Housing Federation, which released the figures today, has warned that the dramatic increase in house prices is now making it more difficult for first time buyers to get onto the property ladder.

The research found that in 2001 the average price of a home in the county was £92,511, and the average salary was £14,201.

But in the space of 10 years the price of a home has rocketed, making buying a home increasingly unaffordable for many workers.

And buyers in Telford are struggling more than other areas of the county, with the average house price rising from £79,035 to £236,518.

The research also revealed that housebuyers are also being asked to find a deposit four times as large as 10 years ago.

A decade ago purchasers were typically able to get a 90 per cent mortgage but now it's a 75 per cent loan.

Chris Hargreaves, from Nock Deighton estate agents in Ironbridge, said he had noticed a rise in prices since 2000. In 2000 to now I would think there had been a 100 per cent rise. Between 2002 and 2007 the rise in prices was quite considerable," he said,

"But ironically between 1988-2000 it was a big lull and I don't think anyone thought it would go back to 1988 prices, but it seems to have risen very well.

"Overall the prices are continuing to drop, but in certain areas like Ironbridge and Telford the prices are fairly stable in the last couple of years."

Mr Hargreaves said despite the fairly steady market in recent years he had noticed the number of first-time buyers had dropped.

"The first time buyers aren't buying because they still require a big deposit on their mortgage and that's stopping them, and also some second time buyers.

"But builders are trying to help people out with offers," he added.

David Orr, chief executive of the National Housing Federation, said: "These shocking figures show that it is getting increasingly harder for millions of people to buy a home of their own in the current climate."