Shelter warns on first-time buyers

Posted: 23 Apr 2007 09:10:03 GMT


            Property News - Shelter warns on first-time buyers

Homelessness charity Shelter has warned that the difficulty of getting on the housing ladder is greater than ever, following the publication of its annual affordability index.

Homelessness charity Shelter has warned that the difficulty of getting on the housing ladder is greater than ever, following the publication of its annual affordability index.

It says that in all but two regions first-time buyers are facing their hardest struggle yet to get on the housing ladder, with an 80 per cent increase in difficulty in the East of England over the last decade, the East Anglia Daily Times reports.

Stating that the gap between those who can afford homes in the region and those who can't is increasing at "an alarming rate", Shelter chief executive Adam Sampson told the paper: "Buying a home is becoming an ever-more distant dream for first-time buyers and as housing becomes increasingly unaffordable, repossessions are likely to spiral and more families will face the nightmare of homelessness."

The index statistics show that the average cost of a first-time buyer's home in the region grew from 51,000 in 1996 to £157,000 in 2006, while the proportion of household income required to pay the mortgage rose from 11.5 per cent to 21 per cent over the same period.

In Scotland, Conservative leader Annabel Goldie has said it will be "catastrophic" if young families are not given help to get on the housing ladder.

Speaking as campaigning continued for the Scottish parliamentary election, she pledged that her party would fund a £100 million scheme to provide affordable homes for first-time buyers in Scotland, the Herald reports.


Sky - Unlimted Broadband & TV
BT Broadband - Plus FREE BT Sports
Virgin Media - Superfast Broadband & TV
Gas & Electricty - Save up to £533
Mortgages - Find the cheapest
Home Insurance - Compare 70 providers
Free Credit Check - Check your credit file
Conveyancing - Fast Free quote
Tax Saving Guides - Tips to save Tax