“As if it wasn’t already a challenge to save for a deposit, the average price paid by first time buyers was 4.7% higher in April 2013 than the same time last year. Unfortunately, the current state of the market will be disheartening for many young adults in the UK and as a result, the number of people aspiring to own their own home is falling. This trend is only likely to continue unless appropriate action is taken.
“Improving access to the property ladder is clearly a high priority for the government given its investment in Help to Buy. But short-term measures will not be enough to change the overall balance of the market. Instead it is essential we take a long-term view on homeownership for future generations and consider what actions are needed to avoid a lasting economic and social imbalance.”