ANNUAL incomes in Yorkshire are well below the minimum needed for first-time buyers to get a foot on the housing ladder, new figures show.

It also reveals that it is not only low-wage earners who are finding it tough to buy a home.

Research from accountants KPMG shows that, while the regional average wage is around £20,000, first-time buyers in West Yorkshire need £26,429 to be able to afford a home of their own – based on a ten per cent deposit and borrowing the remaining 90 per cent at a loan to income ratio of 4.5.

The firm has urged whoever emerges in power after tomorrow’s (Thus) General Election to make housing provision a priority.

KPMG said that while Yorkshire has a far closer gap between required and actual annual wage than the UK average (£40,553 versus £22,044), it still means that only those earning over the average, or those inheriting money, can afford to buy.

The survey shows that 67 per cent of potential buyers believe there is a lack of affordable housing in the UK and just under a quarter worry about how they will afford to own or rent.

Three-quarters of people in Yorkshire would rather buy than rent with 55 per cent agreeing that owning property helps save for retirement Chris Hearld, who is KPMG’s North region chairman, said: “These figures make for concerning reading and show that housing affordability in the region is no longer just a problem for lower wage earners.

“Now unless you have an above average income or receive an inheritance, it is unlikely you will be able to afford to buy in this region.

“Last year we worked with Shelter to publish a blueprint for the next Government to tackle the housing crisis once and for all.

“That report looked in-depth and cross-tenure, and these latest figures are a sure indication that more needs to be done.

“Politicians need to develop an apolitical, long-term housing strategy, engaging both public and private sectors, to get the UK building and stabilise our housing market.

“Reforms must be wide-spread. Further unlocking public sector land banks, boosting small and self-builders, giving power to towns and cities to build the homes they need, and increasing investment in affordable homes are some of the ways government can match businesses’ commitment to achieve this.

“We again call on the next Government to act decisively on housing so that people’s basic housing needs and their longer-term aspirations can be met, whatever they might be.”