More first time buyers getting onto property ladder

29-Jun-2007

The number of Britons who own a home has almost doubled in the past 50 years in spite of the affordability crisis now threatening to engulf first time buyers, new research has revealed.

A study from Halifax found that 70 per cent of Britons now own their own property, compared with just 38 per cent in 1957.

The average house price has risen from £2,330 to £192,314 in that period, the study advised, with prices now accounting for more than six times average income – almost double the ratio of 50 years ago.

"Although employment levels in 1957 were high and almost everyone had a job, relatively few people owned their own home. Over the last 50 years home ownership has nearly doubled and rising house prices have substantially increased the wealth of many home owners, particularly in the past decade," commented Tim Crawford, Halifax group economist.

But existing affordability problems are set to increase next week when the Bank of England meets to consider raising interest rates, with a hike to 5.75 per cent now considered highly likely.

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