Sky rocketing house prices literally forces a huge number of families to look for box houses. In last ten years house prices in London have nearly doubled, reaching an average price of a home costing around £480,000. Even the most affordable places in England have seen a drastic increase in house price.
- Government’s first-time house buyers scheme
- Foreign investors
- Not enough home builds
- Successive governments short sight
Polly Neate, of the housing charity Shelter
‘Help to Buy is failing. It’s doing little for the first-time buyers it’s targeted at and nothing to help the families most in need of a home, while inflating house prices.’
For a common salaried person, he would be able to afford 900 sqft house in North East. While he would just get a one third box in London. Owning a property will be a dream for new home buyers, if they don’t plan for a hutch property.
Note: But London house prices are showing a slowdown from last year.