The government’s flagship house building policy is
200,000 new “Starter Homes” by 2020. The policy was launched with a fanfare by
the Prime Minister during the general election campaign with the words “a home
of your own” emblazoned behind him: a sentiment that Shelter would certainly
endorse. However, new analysis shows that these Starter Homes will be a
non-starter for families on typical wages across most of the country. In fact,
average earning families will be priced out of these new “affordable” homes in
58% of local authorities by 2020, while families earning the new National
Living Wage will be priced out in 98% of the country. The government might be
scratching its head at these results but even with a 20% discount on the price
and an average deposit already saved up or gifted, typical families can’t
afford these homes in most places. How can this be? It’s simply because house
prices are now so wildly out of kilter with normal earnings. Read more on the
Shelter blog.
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