People in Devon were among the keenest in the country to sign a petition arguing that paying rent should be enough proof to get a mortgage. A total of
People in Devon were among the keenest in the country to sign a petition arguing that paying rent should be enough proof to get a mortgage.
A total of 957 people in the South West Devon constituency signed a petition that argued for ‘paying rent on time to be recognized as evidence that mortgage repayments can be met’.
This worked out at one person in every 94 in MP Gary Streeter’s seat – the highest share in the country. MPs will debate this question on Monday afternoon.
The top five constituencies in the UK with the highest proportions of people signing this petition were all in Devon and Plymouth.
These figures suggest that people in Devon are some of the most concerned about access to mortgages in Britain.
A total of 147,307 people signed the petition, meaning it easily passed the 100,000 threshold for MPs to consider debating it.
Some 1,204 people in Plymouth, Sutton and Devonport and another 918 in Plymouth Moor View put their names to the petition, or one person in every 94 and 102 respectively.
Torbay and Newton Abbot were the other two areas in Devon featuring in the top five.
In response the Government said: “Lenders must consider a range of factors when assessing a mortgage application.
“Meeting rental payments is not sufficient in itself to demonstrate affordability over the lifetime of the loan.”
Banks and building societies will generally factors such as the credit rating, income and the size of the deposit of the potential buyer.
Earlier this year analysis found that in Salcombe and Malborough you would need to borrow 12.6 times the area’s annual income to afford a home.
The average household in the area earned £30,467 but houses were going for £385,000 on average between July and September last year.
Our analysis found that only 17 per cent of England and Wales would be affordable to the average household, based on maximum borrowing levels of 4.5 times income.
Last week new statistics showed average house prices in Devon have topped £250,000 for the first time. But analysis by the BBC has found prices in more than half of neighbourhoods in England and Wales are still lower in real terms than a decade ago.
The BBC reports in 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007. In the following examples, using figures from the BBC, the first figure is the average for 2017, followed by the per centage change since 2007 adjusted for inflation.