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Government Responds To F T B No. 10 Online Petition....

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FirstTimeBuyers - epetition

"We the undersigned petition the Prime Minister to Help the the first time buyers of the nation afford a first house."

Details of petition:

"As we all know house prices are rising at an alarming rate, this is out pricing the first time buyers of the market. Young people are finding it increasing hard to get on the ladder when house prices are increasing so rapidly. In the first four months of 2006 house prices increased by 4.4% (Halifax Bank statistics). Unfortunatly wages are not increasing to meet this increase, making it increasingly impossible to afford a property."

Read the Government's response

The Government shares your concerns about the problems facing those who cannot afford to buy their own home in the current market. The opportunity for everyone to live in a decent home, at a price they can afford, is one of the fundamental goals of this Government. Since 1997, home ownership has risen to record levels - over one million more people now own their home since then - but we must go further and tackle affordability issues.

Inadequate supply: the driver of unaffordability

Over the last 30 years of the twentieth century, a growing population coupled with a growing tendency for people to live alone resulted in continually increasing demand for homes, whilst supply fell dramatically over the same period. During this period the number of households increased by 30% while the new level of house building fell by 50%.

It is therefore imperative that we increase housing supply so that it is more balanced with people's needs - particularly first time buyers. Failure to increase the supply of housing from currently planned rates would mean that the proportion of 30-year old couples able to afford their own home would drop from around half now to around a third by 2026.

Our Response

To drive up supply so that it is more balanced with people's needs, the Government has set a challenging ambition to increase the supply of new housing to at least 200,000 per annum by 2016. We have backed this up with a range of measures, including reform to make the planning system more responsive to housing demand and ensure a better supply of land.

We have already made good progress, with the number of new homes rising from a low of around 130,000 in 2001/02 to over 180,000 in 2005/06.

Future Ambition

However, with projections of 223,000 new households annually by 2026 - 70% of which are likely to be one-person households - it is clear that we must go further. Over the coming period, as a top national priority we will be looking at how much further we can go in addressing affordability issues and enabling first time buyers to join the housing market.

In 2006/07, the Government is investing £970 million through the Housing Corporation's National Affordable Housing Programme to deliver 35,000 new low cost homes but funding is limited and therefore the Government realises that it cannot help everyone which is why priorities have been put in place.

The Government is also aware that it cannot meet demand for home ownership on its own which is why it has set up the Shared Equity Taskforce to explore the opportunities to build on innovative private financing to help more people into home ownership on a shared equity basis. The Taskforce's report, published on 6 December 2006 sets out the steps the Government has taken to tackle a number of institutional, informational and regulatory barriers to the private provision of shared equity. As a consequence we expect the market's provision of shared equity to expand and, with it, opportunities to lever in additional private finance in support of the Government's housing priorities. Together with measures to improve efficiency in the delivery of our public programme, we now believe that more than 160,000 will be helped to get a foot on the housing ladder using shared equity products by the end of 2010, doubling our original expectations.

Source: http://www.number-10.gov.uk/output/Page11869.asp

Edited by studdymx

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Barker starting kicking the ball into the long grass in 2004/2005?

They are all the same, they want your votes, but don't give a shit basicially. You are on your own. If you voted for this shower and you are young quite frankly you deserve everything you get.

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with this government in charge there isnt going to be a house price crash

I disagree. It will be spectacular. This "government" can spin as much as it likes.... but it can't make a silk purse out of a pigs ear.

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It has no choice. Inflation or HPC?

Inflation means we become hugely uncompetetive and priced out (sacrificing the econnomy) or a HPC? A HPC shall proceed anyway as the economy is caught between a rock and a hard place it's fooked and people are begining to see the reality of the situation.

with this government in charge there isnt going to be a house price crash

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