The lack of affordable homes in the UK is set to continue, claims a financial provider, despite the fact that more homes are being built than last year.
The company states that due to almost three quarters of residential property being valued over £150,000, the housing situation in the UK is on the verge of a "crisis".
Premier's research suggests that affordable homes developed by or for government housing associations are decreasing.
Robin Plaster, sales and marketing director at the company, explained that despite the increased overall rate of house building, it was not enough to meet the huge demand from first-time buyers, with 230,000 new households being formed annually.
He said, "Although there has been a substantial increase in new house building, any notion that the housing crisis is being tackled or that the situation for first-time buyers is likely to ease, can be firmly dismissed."
Mr Plaster also urged the government to review its own shared equity scheme, which in effect was only creating more first-time buyers but not readdressing the housing shortage.
"The government must do more to assist first-time buyers with the expansion of the shared equity scheme, along with the release of government-owned land for the creation of more low-cost homes which are truly affordable," Robin Plaster added.
Earlier this week, financial provider Abbey suggested that second-time buyers were having similar difficulties to first-timers in finding property .
'First-time buyers are getting older whilst they are also squeezing in careers and families before turning forty. They may be trying to take bigger steps up the ladder in a shorter period of time, but high house prices are preventing them from doing so,' said Paula Ickinger, product executive for mortgages and loans at the company .
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First-time buyers priced out of market
Thu, 25 May 2006
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