South-east property 'time bomb' bad news for first-time buyers
Oct 17, 2006
South-east England could be facing a property 'time bomb' with already-high house prices set to rocket by almost 40 per cent over the next few years.
Research from the National Housing Federation South East and the Chartered Institute of Housing found that the average house price in the region could be more than £322,000 by 2011.
Around 180,000 families are currently on waiting lists for housing, the report found, with the region only producing three-quarters of the housing needed to meet demand. However, with demand for housing only set to grow and only a modest supply of affordable housing available, problems for first-time buyers struggling to get onto the property ladder look set to continue, said spokesperson for the Council of Mortgage Lenders (CML).
The CML expect there to be continuing difficulties for first-time-buyers because growth looks likely to continue and therefore will provide very little in the way of relief for affordability problems for first-time-buyers. Recent research from the CML found that first-time buyers had to borrow 3.24 times their average income in order to buy a property in July, the highest recorded level of income multiples for first-time buyers.
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