Social housing budget for first time buyers, when the UK market is saturated

A recent trend towards renting of UK property suggests that a new social housing budget for first time buyers is becoming more asked for than ever before.

A total of 56% Londoners rent a certain form of property meaning that more and more people are beginning to rely on cheap social goverment housing. Ken Livingstons previous social housing plan has created an excessive amount of affordable housing which has over supplyed the market with low quailty property.

Nonetheless a new report from the National Housing Federation has stated that for people that do not own a home, the future will only bring more financial backpain and struggle. During the next five years property prices are due to increase by 21,3% in the UK meaning that the average home will cost £260,304 in 2016. Forecasts further suggest that the percentage of homeowners in 2021 will stand  at 63,8%, a change of -9% from 2001. Read more of this post