26 April 2010

None of the leading political parties are focusing on housing affordability in their manifestos, according to Lucy Alexander, writing in the Times.

Alexander, in association with research company GfK, has reported that first time buyer figures are at their lowest in 20 years, meaning that the average age of those buying their first house with no parental help is 37.

She also advised that this group of home buyers would appreciate the expansion of existing part-buy, part-rent schemes, greater market choice and the introduction of dedicated high-interest savings account. She commented: “Many first-timers need help to save for a deposit. This is almost impossible for people in their 20s, especially those living in London, owing to a combination of rising rents, high graduate debt, an uncertain job market and low interest rates.”

The number of first-time buyers has now dropped to below 350,000 for the first time in 20 years, with less than half of the potential first-timers entering the market unable to complete any purchase.

Source: Houseladder.co.uk

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