Survey reveals first-time buyer woe

A new survey has shown that the cost of buying a home has risen by 200 per cent for first-time buyers in the last decade.

While those looking to get on the housing ladder had to fork out £52,674, or 1.72 times their salary, ten years ago the figure now is £159,494, or 3.4 times their salary, a study for housing charity Shelter found.

The regional differences are fairly small in most cases, with London, highest at 250 per cent, being one of just two regions to exceed a 200 per cent rise, while the north-west was lowest at 170 per cent.

As a result, difficulties in getting on the ladder have increased all over the country, with Shelter chief executive Adam Sampson commenting: "Every year the gulf between what first time buyers can afford and the cost of housing is widening."

Some would-be homeowners may decide to opt for the self build method to overcome the problem of affording a home.

Figures published this week by the Department of Communities and Local Government indicated that the average house price rose by 6.7 per cent in the year to February 2008.


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