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COMMENT: Homes crisis is real threat to county recovery
10:30am Saturday 27th October 2012 in News
IT has almost become a cliche that first time home buyers are being priced out of the market in Oxfordshire.
But now it seems a growing number can’t afford to rent either.
In four out of five districts in the county, rents are rising faster than incomes and the spiral looks set to continue in the current economic climate as wages are squeezed while the number of homes being built remains way below the demand.
As a result, the simple economics of demand and supply kick in. When there is not enough of a commodity, the price goes up. But at what cost?
Experts including those at Oxford City Council say many are now choosing to stay at home with their parents or sharing with friends.
Others are moving out to cheaper areas and commuting to work, causing greater stress for an already over-burdened transport network.
More worryingly still, there are signs that housing costs are so high they are deterring people from relocating to a county that has consistently bucked the economic trend through a recession. The future looks bright for jobs and business, but without homes it could be a false dawn.