Property issues to plague newlywed Royals
Prince William and Kate Middleton should buy a house in the West Midlands because it would cost them less per month than the rent on their marital home in North Wales, according to a leading local house builder.
The Royal Couple, who marry this Friday, will begin married life living in a cottage near the Prince’s RAF base in Anglesey which William reportedly rents for £750 a month.
David Wilson Mercia though has calculated that at current rates of interest William and Kate would pay less in monthly repayments on a mortgage of up to £145,000, enough for them to get on the housing ladder in the West Midlands.
The tongue-in-cheek comment from the local firm is designed to draw attention to a serious issue: the vast majority of newly wed twentysomethings in the same position. William reportedly earns an RAF salary of £37,000 while Kate was employed by her parents’ party planning business but has now stopped due to her impending marriage.
‘I have no doubt that it would be cheaper for Prince William to buy a house from us than to continue living in rented accommodation,’ said Rita Tyler, sales manager at David Wilson Mercia.
‘For obvious reasons, the Royal couple don’t have to worry about getting on the housing ladder. The vast majority of Prince William’s future subjects though are not in the same enviable position. The average age of a first time buyer is now 37 and thousands of couples in the West Midlands despair of ever owning the roof over their heads,’ she explained.
‘This will be a massive political issue long before Prince William ever becomes King. It is ultimately only going to be solved when we build enough homes in this country to house the fast growing population,’ she added.
David Wilson Mercia does have some good news for young couples that want to settle down but don’t have the wealth of the Royal Family behind them. ‘We can help young people move into a new home of their own at Churchfields Place in West Bromwich with a deposit of just £4,035 under our Head Start scheme,’ explained Tyler.
‘Because we put up 15% of the equity, the monthly mortgage on the house at Churchfields Place will likely be less than what William and Kate are paying to rent in Anglesey,’ she added.