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Thursday, 16 October 2014

Average home to cost £780,000 by 2040


BRISTOL, ENGLAND - NOVEMBER 21: A for sale sign is seen displayed in front of recently completed houses on a residential building site in Paulton on November 21, 2011 near Bristol, England. The government is announcing a raft of measures to try and help kick start the UK housing market as figures show new constructions are at their lowest levels since the Second World War. As part of a wider strategy to deal with the acute shortage of affordable homes and stalled housing projects the measures include a mortgage indemnity scheme, allowing first-time buyers of new homes to borrow up to 95% of their value.

The average home will cost nearly £800,000 in just 25 years time, according to calculations by a leading thinktank.
Policy Exchange worked out the figure using a complex Government formula taking into account house price inflation and housing forecasts.
The thinktank has produced the calculation to work out how much a home that costs £244,000 today will cost in 26 years time.
Given that the average age of a first time buyer is 32, Policy Exchange found that a six year old today would be paying £780,000 to buy an average home by 2040.
Policy Exchange produced the figure to support its claims that more new homes should be built in garden cities across the country.
http://www.telegraph.co.uk/news/politics/11077760/Average-home-to-cost-780000-by-2040-says-Policy-Exchange.html 
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