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by Richard Vert
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National Savings and Investments (NS&I) Senior Savings Strategist Dax Harkins said: "Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year which means potential first-time buyers need to start saving sooner and harder to get into the market."
Whilst house prices continue to increase at a faster rate than people’s incomes there will be fewer people able to afford a house.
In a recent study NS&I found that the average length of time required by FTBs, to save for a 5% mortgage deposit, ranged from five years in East Anglia, to three years, nine months in Scotland, with the average being four years and nine months, this is nine months longer than a year ago. The average age of first-time buyers also has increased, going from 37 from 31 three years ago.
The property website Rightmove has warned that the housing market could remain static for several years whilst it waits for the incomes of FTBs to catch up with the housing prices.
Miles Shipside, commercial director of Rightmove, said "As many sellers are refusing to part with gains they have made, buyers are forced to make up the affordability gap…The reality is it will take seven years of static house prices and wage inflation to bridge this affordability gap.”
Marjorie Townsend, head of Edinburgh-based Lindsays Residential, says: "It was recently reported that an average home in Edinburgh costs seven times the income of the majority of nurses. This is a shocking sta |
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