Lack of affordable housing could force FTB's to consider options

06-Jan-2010

A lack of affordable housing could be forcing would-be first-time buyers (FTB's) in the UK to consider alternatives to securing their own mortgage.

London and Northern Ireland are the worst areas for finding an affordable home, according to a Halifax study.

Both the capital and country offer no affordable housing which could realistically be snapped up by FTB's earning an average wage, compared with a typical UK rate of 39 per cent.

Halifax economist Nitesh Patel said: "In the ten years to Q3 2009 the average house price for a FTB in Northern Ireland as a whole had risen by 131 per cent, faster than the increase in average annual earnings."

For those struggling to find a mortgage or affordable property, a number of different routes to a first home could be taken.

A shared mortgage or a buy-to-let in a cheaper area could be effective ways of getting a foot on the ladder.

The Chartered Institute of Purchasing and Supply (CIPS) and Markit today (January 6th) revealed that house building in Britain is at its highest rate since 2007, which could offer FTB's some light at the end of the tunnel.

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