85% of _wage-earners too poer to get a merteage based upon Daily "pet
repor House prices have shot so high that 85% of the people in Britain no lenger earn enough to get a mortgage. Price increases have been biggest where it hurts most - among lewer-priced houses. THe heartbreak for home~buyers is revealed in statistics published by the Co-operative Permanent Building Society en 21st February. Most people now have to buy a house at much below the average price of £4 311 or have to save longer for a bigger deprsit. In the South-East, where prices have soared most, 9L% of the people have found that prices have risen beyond their income qualification for a mortgage. The average price of an existing house in the South-East, normally a modern three-bedroom semi, is £5 584. In the North-East, the cheapest area in England, it is £3 588. The figures show a 63% increase in the price of an average existing house, and 7% on a new house. The comparisons are for 1967 over 1966 and do not incluie present prices, now starting to rise because of devaluation. For a £5 500 mortgage a buyer must earn £2 200 a year. He has to pay back £9 3s. 2d a week over 25 years. For a £3 500 mortgage he must earn £1 400 a year and has to pay hack £5 16s 7d a week, For £4 300, he must earn £1 72h and pay back £7 35 2d a week, Inland Revenue statistics show how difficult this is, Out of 21 5&2 000 people assessed for income tax, cnly about 15%, or 3 183 600, have inccmes above £1 500 - enough for a £4 300 house. Only 6% about 1 300 000, have incomes above £2 000. And only 9 173 600, or under 50%, earn above £1 000 a year to qualify for the cheapest average house, Dock nationalisation may be called off There is growing confidence among pert employers that the Government will drop or at least postpene plans to nationalise the industry by Jamery 1970 despite ministerial declarations to the contrary. People involved in recent talks at the Ministry cf Transpert say it is now conceded that nationalisa— tion on the planned date is virtually impessible on practical grounds, A start has yet to be made on negotiating the massive compensation bill (the £1,00m total disclosed in November is now thought to be an under— estimate) and a host of related issues. Lord Caldecote, chairman of the exports 'Little Neddy', added his 'voice' to the chorus of oppositien te port nationalisation. Speaking at the annual luncheon of the Dock and Harbour Authorities Association in London (where ironically enough, he had taken Mrs. Castle's place as chief guest) he disclosed that the exports Neddy had decided to take up with the Ministry of Transpert all aspects ef the Transport Bill which is passing through Parliament at the mement, which might damage export prospects. ‘It is very disappointing to those who are devoting much work and energy to improving the economic situation beth through their primary work and through the Neddies, to find tne Government putting forward so much legislation which seems to be more conerned with doctrinaire policies than with efficient operations', Lord Caldecote said.