First time buyers face affordable homes shortfall

21-Sep-2006

The study, from the New Police Institute for the Joseph Rowntree Foundation, shows the amount of affordable housing for first time buyers is below current needs and is less than the available amount in the 1990s, reports the Associated Press.

In addition, more than one in three working people under the age of 40 cannot afford to buy a property.

In a speech at the National Housing Federation Annual Conference, housing and planning minister Yvette Cooper indicated that the government would like to see an increased effort from the private sector, the Associated Press states.

She highlighted a need for improvement of innovation and design standards, along with cooperation and partnership between local authorities and housing associations.

Meanwhile, Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors, maintained that government policy is responsible for affordability problems.

The interest rate rise in August "has done little to tame the housing market", he said, indicating "affordability conditions for first time buyers will deteriorate" next year.

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