Shelter survey highlights rising cost of buying |
17 2008 |
| There is yet more proof that it makes more sense to rent than to buy, with Shelter publishing a new report on the housing market. According to the charity's Roof Affordability Index, house prices for first-time buyers have increased by 200 per cent in the last ten years. Further to this, and the most damming piece of evidence in the report that it is better to rent than buy, mortgage payments have increased by 172 per cent in the last decade. That figure is even more shocking when it is revealed that average working household income has increased by just 53 per cent in that time. "These new figures show in full the true and worsening situation first-time buyers find themselves in," said Adam Sampson, chief executive of Shelter. "Every year the gulf between what first-time buyers can afford and the cost of housing is widening," he added. First-time buyers are particularly unlikely to be able to afford a property in London where prices have increased by 250 per cent in the last ten years.  |
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