Priced out of homes

27th June 2014

New research from Shelter has found that 88% of English homes on sale are out of reach for first-time buyers, with the Help to Buy scheme making little difference

Its analysis considered a deposit of 18%, the average first-time buyers’, and a mortgage of 3.4 times the average salary for 20-29 year olds. Less than 10 affordable homes were found in 83 local authorities, while none at all were found in 14, including Ealing, Lewisham and Slough. "Our failure to build is leaving a generation trapped in private renting or stuck in their childhood bedroom," said Campbell Robb, CEO at Shelter. The same report also found that less than one in five homes for sale were affordable for a typical working family, with just 17.9% in reach of those with children and on an average local wage.

Source:  The Times (25/06/2014)