Alison Seabeck MP, Labour’s Shadow Communities and Local Government Minister, has warned in a speech today to the Chartered Institute of Housing of growing crisis for First Time Buyers and renters as the Tory-led Government is failing to deliver homes.
Alison Seabeck said:
“I think that we will see the rumblings of a crisis breaking through into the political mainstream as young professionals in their twenties and thirties realise that they can’t afford to move out of shared flats and afford their own home – either for rent or to buy.”
“Rents keep rising – up by 4.4% nationally and 7.8% in London in the past year according to one set of figures released last week,
“Stuck between high rents, tight credit and low savings, I worry that there is a vicious cycle keeping younger people from achieving their aspiration of somewhere to call their own.
“And the most recent government figures show that the average income of first time buyers is £63,000 in London and £44,000 across the UK, from which they need to raise an average deposit of £103,000 or £52,000 respectively.”