'More needs to be done' to facilitate first-time buyer purchases

Posted: 12 Mar 2010 09:37:55 GMT

Whichever party wins power in the upcoming general election needs to do more to facilitate home purchases for first-time buyers, one expert has stated.

Katy John, spokesperson for PricedOut.org.uk, says that this group of would-be home buyers are currently priced out of the market in 42 per cent of areas of the UK.

"We need clear measures in place to create a more sustainable, affordable housing market and prevent another property boom," she advises.

Ms John's comments come in response to new data from Zoopla.co.uk, which suggests that housing affordability is at its highest level in seven years, with the average earner now able to purchase 58 per cent of properties in Britain.

However, she adds that this is not enough for first-time buyers, stating that the government should introduce measures to guarantee sensible lending policies and build more homes to deal with the supply shortage.

The latest Halifax House Price Index revealed that house prices fell by an average of 1.5 per cent in February, marking the first decline since June 2009.

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