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Just 101 homes are affordable for first-time buyers

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Less than 10 per cent of homes in Milton Keynes are affordable to first-time buyers, according to homeless chartity Shelter.

The figures, acquired by looking at the asking price of every property for sale across the UK, found that just 101 out of 1,041 homes in the city could be afforded by a first-time buyer on an average salary.

Campbell Robb, chief executive of Shelter, warned that home ownership was set to become unaffordable to “ a whole generation”.

He 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.

“As the pool of affordable properties shrinks ever 
smaller, thousands of people are being forced to wave goodbye to their dreams of a home of their own – even those who’ve been able to put aside a large deposit.

“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.”

The Shelter figures compare the house prices with the mortgage that families, couples and single people on average wages could afford, with an average 18% deposit.

Across the UK the average house price is now £260,000.

Andrew Pakes, Labour Parliamentary Candidate for Milton Keynes South, said: “There should be no reason why we don’t have enough housing in city like Milton Keynes.

“The new Labour-led 
Milton Keynes Council has made affordable homes a priority, but we also need help from the government.”

 

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