First-Time Buyers Becoming ‘Locked-Out’

 

First-Time Buyers – The housing boom of the last decade has priced many first-time buyers out of the UK property market, according to the charity Shelter.

 First-Time Buyers

First-Time Buyers – The Charity’s Roof Affordability Index survey found that the price of an average first-time property rose from £52,674 in 1997 to £159,494 throughout the UK last year in 2007.

 

The figures showed that buyers average income had become smaller compared with the price of a property. Those hoping to get on the property ladder faced the biggest problems, with the prices for first –time buyers in the capital rising to £258,756 in 2007.

 

 

 

 

 

Average House Price

Average House Price

 

1997

2007

East Midlands

£44,342

£124,019

South East

£64,234

£188,811

Yorkshire & Humber

£43,021

£119,722

East

£57,115

£169,285

West Midlands

£46,306

£129,726

South West

£53,211

£163,377

London

£73,962

£258,756

North East

£36,628

£107,448

North West

£44,741

£120,677

Northern Ireland

£39,956

£164,811

Scotland

£38,845

£108,446

Wales

£42,022

£122,313

England

£54,775

£166,527

 

 

Adam Sampson, chief executive at Shelter said, “Despite falling house prices, with lenders still increasing their mortgage rates, it is contributing to making an already desperate situation worse. It means there is a generation of young people and young families locked out of the housing market, without a hope of ever sharing in the asset wealth of the generation before. Buying a home has now become a distant, unaffordable dream for millions of first-time buyers.”

 

 

 

 

 

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  • Home owners face four years of negative equity (telegraph.co.uk)
  • Need for big deposit hits home sales hard (telegraph.co.uk)


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