New government organisation set to help first time buyers

07-Jun-2007

A new government unit aimed at combating the problems faced by first time buyers in getting onto the housing ladder has been launched today in an effort to stop affordability issues from spiralling out of control.

The National Housing and Planning Advice Unit (NHPAU) will analyse housebuilding plans in terms of their potential effect on supply and demand as well as price growth and household composition.

New figures released by the unit to coincide with its launch have shown that over one third of potential homeowners now believe they will never be able to buy their own property.

"Demand for housing is growing and unless action is taken, pressure on the market will only get worse […] There is a clear need for more ambitious and urgent delivery if we are to make homes more affordable for our children," commented NHPAU chair Stephen Nickell.

Mr Nickell also noted that he expected interest rates to rise to 5.75 per cent within the next few months.

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