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Brain Drain – are you rent clever in Tunbridge Wells?

Tunbridge Wells faces a brain drain as young people are priced out of the town by high rents which leave them unable to save for a mortgage

With the average starting price for a house in Tunbridge Wells at £550,407 and 11 streets in the town with average property price of more than £1million, owning a home is out of the question for most youngsters.
Some are choosing to stay at home with their parents rather than spend 40 per cent of their wages renting.

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Others are considering abandoning the town either for London – where rents are equally expensivebut with more life opportunities – or for cheaper places.

The Courierthis week examined the figures for typical youngsters, new school-leavers or university graduates, who work in this town in their first jobs.

According to National Housing Federation data, the average salary in Tunbridge Wells for lowest earners is £14,581.60. The average house price in this bracket – the lowest 25 per cent of earners in the town – is £190,000, a massive 13 times the salary.

With buyers needing a ten per cent deposit and securing a mortgage of up to three times their salary, home ownership is out of reach.

Read more: http://www.courier.co.uk/Rental-prices-creating-brain-drain-town/story-26722635-detail/story.html#ixzz3dmSezclH

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