Over 80% of homes on the market unaffordable for first time buyers June 25th, 2014 admin Latest News Shares Comments Over 80% of homes on the market unaffordable for first time buyers More than 80% of properties for sale in England are unaffordable for the average working family looking to buy their first home. New research from Shelter shows that in over half of the country, fewer than one in ten suitable homes on the market were affordable for a typical family, even assuming they were able to save the average deposit for a first time buyer. For those hoping to buy with smaller deposits the situation is even worse with 88% of homes for sale in England unaffordable for families with a 95% loan. The research paints an alarming picture of England’s affordability black spots. In 83 local authority areas, which accounts for over a quarter of the country, there were fewer than 10 affordable homes for sale. These areas included Cambridge where there were only three affordable homes for sale, and Brighton and Hove where there was just one. Alarmingly, in 14 local authority areas, including Ealing, Lewisham and Slough, there were no affordable homes for sale at all. Campbell Robb, chief executive of Shelter, said: ‘When a family looking to buy their first home searches a whole town for a place to live and finds nothing they can afford, it’s clear we’re not just facing a housing shortage any more: it’s a full-blown drought.’ This chronic shortage of affordable homes isn’t confined to London and the South East. In Exeter only 1% of homes on the market were affordable for the typical family (8 out of 553 for sale) whilst in South Lakeland in the North West only 4% were affordable (43 out of 1,069 for sale). As higher monthly mortgage costs push even more homes out of reach, single people have the least chance of getting a foot on the property ladder, with only seven out of every 100 homes on the market affordable for someone on an average wage. Even couples without children, who have two full-time incomes are likely to struggle. In a quarter of the country, fewer than ten out of every 100 homes for sale were affordable for a childless couple on average wages. Recent government figures show that average house prices in the UK have risen by 9.9% in a year to £260,000 – higher than their pre-crisis peak in 2008. With soaring housing prices and the lack of affordable homes beginning to take effect, official figures show that homeownership in England has fallen to its lowest level since 1987. ‘Our failure to build more homes is leaving a whole generation of young people with no choice but to remain trapped in expensive and unstable private renting, or stuck in their childhood bedrooms for years to come, no matter how hard they work or save,’ said Campbell Robb. ‘What we need right now is for politicians to roll up their sleeves and make stable homes for the next generation a top priority.’ Submit News Contact us with your community, business or sport news. Phone 07930717137 Email [email protected] Twitter www.twitter.com/onthespot_news Facebook www.facebook.com/otsnews.co.uk Related Comments comments!