Government targets 'crucial' to helping first time buyers

31-Jul-2007

Even the predicted slowdown in house market growth will not stop price increases making home ownership an even more distant prospect for first time buyers in the future, new research suggests.

The Centre of Economic and Business Research (CEBR) has estimated that the average price of a home will be more than £460,000, and cautioned that the government's plans to build more homes will be vital to preventing prices rising still further.

The government announced earlier this month that it intends to build three million homes by 2020 in order to cope with an increase in demand.

"Meeting its targets for house building will be crucial if the government is to help alleviate the current supply shortage in the housing market - and make a real contribution towards helping firsttime buyers to get on to the property ladder in the longer term," report author John Ward suggested.

LV= recently reported that first time buyers were increasingly foregoing the safety night of financial insurance so that they could afford a larger deposit.

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