Affordable homes slipping from reach

05 2008
Waiting lists for affordable housing have grown by two-thirds in the top ten areas for second-home ownership, it has been revealed.

Figures from the National Housing Federation (NHF) show that, in the top ten areas known for second-home ownership, waiting lists for affordable homes have increased by 66 per cent in the years between 2002 and 2007.

In the City of London, however, the jump has been larger at 115 per cent, due in part to only three in every four homes being occupied full time.

It is clear that second-home ownership is forcing property prices to become unrealistically high in comparison to local salaries.

David Orr, chief executive of the NHF, said: "The government needs to find additional ways of freeing up more public land for new affordable homes and restrict the right to buy council houses in areas of acute shortage if we are to prevent these locations becoming enclaves for the very rich and elderly."

Many not on the waiting lists for affordable homes will have chosen to rent, as opposed to buying their own home, due perhaps to the lower financial commitment required in rental properties.
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