Property prices 'set to soar'

Posted: 06 Aug 2007 11:49:34 GMT

Property prices looks set to soar over the next five years with the average cost of a home in England expected to breach the £300,000 mark, it has been reported.

Property prices looks set to soar over the next five years with the average cost of a home in England expected to breach the £300,000 mark, it has been reported.

Figures from the National Housing Federation (NHF) show that thousands of people could be forced out of the property market, with prices reaching up to 11 times the average wage.

First-time buyers or those on low incomes could be priced out of buying a home completely, with experts claiming that a crash in the market was still unlikely over the next few years.

Following the report, the NHF is urging the government to tackle the problem by sticking to its plans to build three million affordable homes over the next 13 years.

The document, named Home Truths, says: "Unless we do something radical about housing supply, our housing market will continue to be distorted and dysfunctional.

"A generation of would-be home owners will have their aspirations dashed or achieve them only at enormous financial and personal cost."

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