Steps taken to solve affordable housing crisis

19-Apr-2006

The issue of tackling the lack of affordable housing in the south-west of England has been named as a priority by the Chartered Institute of Housing (CIH).

The issue of the housing crisis has been put forward by the CIH in its recent regional Housing Manifesto which puts forward solutions to some of the key issues, reports the website 24-dash.

Issues outlined in the document include the problem of high and low land values in the region, the ageing population and the lack of investment in housing.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

"This is a positive manifesto putting forward solutions to achieve a decent housing standard for everyone in a region where the housing crisis is tightening its grip," Kathie Pearce, chair of the CIH told the website.

Adrian Sanders, MP for Torbay, has also lent his support to the programme and commented on the below average salaries and above average house prices in the area.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

Figures show that the average price of a property in the south-west is £191,646, which is 9.5 times the average income of £20,132.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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