Generation Locked Out The Housing Market
6 December 2011, 15:52
A report out today suggests that house prices in Bedfordshire risk locking out a whole generation from the housing market
The report by Grand Union Housing Group shows the average house price in Bedford is £218,045 that is ten times the average local income.
In Central Bedfordshire that average is £223,526 and nine times the average local income.
Young people face renting a property or living with their parents for longer because they cannot afford the deposit on a mortgage.
Tom McIver is 25 and is living at home with his parents in Stotfold, Central Bedfordshire, while he saves for a deposit.
He says he would leave the county for a better chance of getting on the property ladder:
"I looked up in Scotland just for a comparison, I could buy a house there that I could quite comfortably live in, at the moment with work I would only consider living within a 20 mile radius but if there was an opportunity to advance my career anywhere then I would not have a problem doing that if it meant I could get on the property ladder"
He told Heart how he thinks the Government could make it easier on first time buyers:
"Reduce the price of houses, I believe they are over priced as it is. If you go up north the house price drops but your using the same materials, the same labor to build it so why are they so expensive here"
If Tom's situation remains the same he is confident he will be able to get a mortgage on a small property in around two years time.
Grand Union Housing Group say the results of their report show how important it is to provide more affordable housing.