Charles McDowell, Aldermore’s Commercial Director, Mortgages, says:
“Further to today’s announcement that the Government will provide an additional £2 billion for affordable housing, we are glad that the Government continues to have housing on its agenda.
“The Government already announced earlier this week that it will extend the Help to Buy equity scheme with an injection of £10 billion to support demand, so it is encouraging that it is also starting to address the supply of housing in the UK.
“It is a particularly difficult time for first time buyers due to demand significantly outmatching the supply of homes, and the affordability ratio of housing doubling since 19971. Our latest quarterly First Time Buyer Index2 shows that over a quarter (26%) of prospective first time buyers want to see the Government build more houses, and over one in three (34%) believe it could take them five or more years to get on the property ladder.
“We believe more needs to be done to increase house building, so it is promising to see that the Government has assured developers that land will be available for building. It is time to relax planning laws and selectively build on Green Belt land so that we are not left with a mismatched density in urban areas which then puts additional pressure on housing, and property prices and infrastructure within affected areas.
“When we talk about providing enough housing however, it is important not to focus on house building alone. There are a number of infrastructure considerations that need to be made alongside planning proposals. As well as homes, people need schools, transport, other services and amenities. Policymakers need to stop considering each issue as a standalone problem and take a holistic perspective.”
Notes to Editors
2The figures from 2017 are sourced from a nationally representative survey conducted by Opinium Research with a sample of 1,505 prospective first time buyers and 505 actual first time buyers between 27 July and 3 August 2017. The sample was restricted to GB adults who were students or in work.
For further information, journalists can contact:
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Follow us on Twitter: @AldermoreNews
George Pitt, Lansons
Phone: 0207 294 3626
For further information about Aldermore, please review our Notes to Editors page