First time buyers increasingly 'excluded' from North Yorkshire

05-Oct-2006

First time buyers are becoming increasingly excluded from North Yorkshire, research suggests.

First time buyers will need 8.7 times their annual salary for a new home by 2011, according to a report published by the National Housing Association, in partnership with the Chartered Institute of Housing and Yorkshire and Humberside Housing Forum.

The report suggests that unless action is taken to reverse current trends, house prices in the region will reach £220,000 by the beginning of the next decade.

"Affordability is the key issue across the region, affecting both rural and urban areas," said Jane Evison, chair of the Yorkshire and Humberside Housing Forum.

"We need affordable homes in the areas seeing a rapid rise in prices and continued support to renew the housing market in the more deprived areas of the region," she added.

For advice on first time buyer mortgages, or to find out how much you can borrow and how much it would cost you, contact a good mortgage broker.

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