UK Money News
17th April 2008
Cost of first home has soared by 200%
The price of a first home has soared by 200 per cent over the last decade, new research reveals.
According to data from housing charity Shelter, the cost of a first home currently stands at £159,494 - up from just £52,764 in 1997.
In the same time frame, however, the average income for a family has increased by just 53 per cent.
Taking this into account, Shelter calculates that it is now 78 times harder for a first time buyer to raise the money for their first house purchase.
Shelter chief executive Adam Sampson said: "These new figures show in full the true and worsening situation first-time buyers find themselves in. Every year the gulf between what first-time buyers can afford and the cost of housing is widening.
"Salaries throughout the UK may be rising, but ordinary people are still being priced out of the housing market."
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