Calls for more affordable housing in Wales

10-Nov-2005

Aspiring homeowners in Wales need more affordable housing schemes, according to the Council of Mortgage Lenders (CML).

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Recent figures have shown a worrying drop in the number of loans taken out by first time buyers since 2002, indicating a need for more home-ownership plans and low-cost options.

The CML believes that the introduction of more property purchasing options for aspiring homeowners would help to boost the market and meet future owner-occupation targets in Wales.

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Expanding existing schemes such as Homebuy, already a success in the region, is one route the government could take, while the development of shared ownership or affordable housing sites would also encourage more first time buyers.

"The current number of first time buyers becoming homeowners in Wales is as low today as it was in the early 1990s, when property prices and interest rates were previously at their highest," warned Michael Coogan, director general of the CML.

Mr Coogan acknowledged that there is "a great deal to do" but said that solving these affordability issues was vital and that action should be taken as soon a possible.

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