''Private developers aren''t interested in affordability''

One property expert has criticised the government for pricing first time buyers out of the property market by not incentivising affordable home building to private property developers.

Paul Holmes, who is the chief executive officer of a company offering solutions to first time buyers, says that "it is impossible to motivate developers to produce affordable first-time buyer units without huge government subsidies".

Developers, especially the ones building in London, tend to want to build £250,000 apartments that are simply too lavish for first-timers and young people.

He said: "In my opinion, meeting first-time buyer and affordable housing targets in the capital won''t be possible without some kind of post-war building initiative.

"Why would a developer want to build an entry level apartment that sells at around £150,000, when they can develop for the buy-to-let market and make quadruple the profit?"

Mr Holmes added that homes in London seem to be built for speculators and buy-to-let investors rather than first-timers.


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