Young families face saving for 12 years to buy a home in Milton Keynes

Andrew Pakes ENGPNL00120130416125908
Andrew Pakes ENGPNL00120130416125908

A young couple with a child would have to save for over twelve years before they could afford to buy a home in Milton Keynes, according to homelessness charity Shelter.

Research for the charity looked at average wages, house prices, rents and spending on essentials to show the challenge faced by those trying to save for a home of their own.

The study also found that couples without children in the city would have to save for over six years of saving, whilst single people would have to save for nearly 13 years until they could afford to buy.

Shelter chief executive Campbell Robb, said: “Home ownership used to be within most people’s reach, but the rising shortage of affordable homes has pushed house prices up so high that for millions of young people it’s now just a fantasy, however how hard they work or save.

“Parents are right to be worried. The reality is that unless we get a grip on the housing shortage soon, children today could spend decades paying out dead money in expensive rents, or living at home well into adulthood with little hope of planning for their own families.

“Successive governments have announced scheme after scheme promising to help first time buyers, but these have just papered over the cracks. The only way to make sure young people have a hope of a home of their own is for politicians to roll up their sleeves and commit to building enough truly affordable homes.”

Andrew Pakes, Labour’s prospective parliamentary candidate for Milton Keynes South, has been campaigning for more affordable home in the borough.

He said: “Despite the economy beginning to improve, the benefits of growth are still not being shared widely enough across Milton Keynes. For a whole group of young people and families the prospect of a decent home at a price they can afford is becoming much more difficult. The recent Centre for Cities report which praised Milton Keynes also identified the problem of house prices out stripping wages.

“There should be no reason why we don’t have enough housing in city like Milton Keynes, yet the proportion of affordable homes being built in the borough has fallen since David Cameron became Prime Minister.

“I am pleased that the new Labour-led Milton Keynes Council has made affordable homes a priority but we also need help from the government. The pioneering spirit of Milton Keynes was about allowing families to get a hold on the property ladder but this dream has become more difficult for many people, particularly young couples.”