The house trap (From Free Press Series)

The house trap

MOST people aged between 20 and 30 have been priced out of the property market in recent years, but no where more so than Monmouthshire.

According to a report conducted by the Land Registry a typical Monmouthshire home would set you back £164,320.

Using an online mortgage calculator, that means a single person, first time buyer would need to be earning £48,000-a-year to stand a chance of buying an average property here.

Those whose earnings are at a more realistic £14,500-a-year wouldn't get a mortgage much bigger than £50,000 and with hardly anything on sale in Monmouthshire for less than £100,000, that means most first time buyers are either renting and saving up bigger deposits or moving away to areas where the housing market matches their wallets.

Jane Matthews of Williams Parry Richards Estate Agents, who have branches throughout Monmouthshire, admitted it is very tough for first time buyers to make that first step onto the property ladder.

"I think everybody is aware that first time buyers are struggling because there has been such an increase in house prices. A lot of it is because of investment buyers.

"There has been a tremendous investment in property and its still continuing and that is fuelling the prices at the bottom end of the market and right through.

"From a personnel point of few I feel very concerned that younger people are having difficulty getting on the property ladder," she said.

The long-established estate agents, who have just opened a branch in Abergavenny, have witnessed a big increase in those looking to rent as house prices continue to soar.

"Those who can not afford to buy are renting and we have noticed a marked up turn in that sector," said Mrs Matthews who predicted a steady growth in the market this year.

Good road links and schools, a picturesque countryside and attractive market towns are to blame for more and more people looking to move to Monmouthshire. But as more do those first time buyers already living here are being forced to look elsewhere for their first home. County councillor Pam Burchill warned something must be done.

"It's so sad that young people are having to leave the county. We need them. We are an ageing county.

"The council and our Labour group have discussed this worrying issue.

We are losing young people because they can not afford to buy houses here. We have to address this problem that is facing first time buyers.

The prices of houses are escalating out of control, yet wages aren't. I do not think that can continue.

"I think our policy should be to pressure the National Assembly to look very carefully at places like Monmouthshire where young people can not buy. The say this is an affluent county, but we still have youngsters struggling to get on the property ladder and drawing low ages," she said.