Property price rises are 'causing misery for millions'

Posted: 19 May 2010 12:30:18 GMT

House price inflations need to be tackled by the government after a 1.8 per cent increase in the last year, an expert has said.

Owning a house appears to be getting further out of reach for first-time-buyers in particular, as figures from a report by FindaProperty.com show a further 0.3 per cent growth in this month alone.

Katy John, spokesperson for PricedOut.org.uk, fears these swells in house costs will cause misery for people without financial support.

"Those without rich parents or salaries of twice the national average have no hope of owning their own home," she said. "First-time buyers who contact our campaign are disheartened."

Prices for entry-level properties are now at their highest since February 2009 with the average being more than £155,000, according to the report.

But Ms John is urging the new government to step in and tackle the issue of ever-increasing house values.

So far, ministers have agreed to help lower and middle income earners by reviewing the personal allowance for income tax.


© Houseladder Ltd