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Government needs to help first-time buyers

May 20th, 2010

housingThe government needs to urgently tackle the social and economic crisis of rising house prices, one expert has suggested.

Spokeswoman for PricedOut.org.uk Katy John said the increasing value of homes is causing misery for millions of people who are trying to get onto the property ladder.

She remarked: “With levels of homeownership at record lows in the UK, we desperately need to see house prices stabilising and gradually adjusting to more affordable levels over time.”

Ms John added it is only people with rich parents or well-paid jobs who have the chance of being able to purchase an abode.

Her comments come as FindaProperty.com revealed the average property asking price stands at £219,748, which is a rise of 0.6 per cent compared to the previous month.

An entry level home will set buyers back an average of £155,677, a 1.2 per cent hike from this time last year and the highest level seen since February 2009.

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