HOME buyers in Oldham have to spend more than five times their annual earnings on average to buy a home, figures reveal.

In Oldham, the average house price was £139,950 and the average annual salary £26,357 in 2020, according to the Office for National Statistics (ONS).

House prices have soared in the borough since 2002 – the earliest point at which local data is available.

The median cost of a property then was £50,000, with last year's figure more than double that. Over the same period, the median annual salary increased by £9,082, a 53 per cent rise.

Polly Neate, chief executive of housing charity Shelter, said homeownership is out of reach for many people, especially those on lower and insecure incomes.

"We haven’t built enough good quality or affordable homes for decades, meaning house prices have sky-rocketed," she said.

"With no way of buying and a chronic shortage of social homes, millions have become trapped in expensive private rentals."

She added: "The Government must urgently invest in building social housing."

A spokesperson for the Ministry of Housing, Communities and Local Government said more than 243,000 homes were delivered last year – the highest number in over 30 years.

They added: "We’re investing over £12 billion in affordable housing over the next five years which will include providing up to 180,000 new homes, with half for affordable and social rent.

“This – as well as First Homes, Shared Ownership, the Help to Buy scheme, and the new mortgage guarantee scheme – will help many more people get the keys to their own home.”