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| Version 2 | Version 3 |
|---|---|
| House prices 'to breach £300,000' | House prices 'to breach £300,000' |
| (about 2 hours later) | |
| The average cost of a house in England will break through the £300,000 mark in the next five years, research suggests. | The average cost of a house in England will break through the £300,000 mark in the next five years, research suggests. |
| The National Housing Federation (NHF) warned prices were now almost 11 times the average wage and may rise by 40% as supplies fall further behind demand. | The National Housing Federation (NHF) warned prices were now almost 11 times the average wage and may rise by 40% as supplies fall further behind demand. |
| To avoid a looming crisis the NHF urged the government to act on its promise to build three million homes by 2020. | To avoid a looming crisis the NHF urged the government to act on its promise to build three million homes by 2020. |
| However, it also said a housing crash was unlikely despite first-time buyers finding it tougher to afford a home. | However, it also said a housing crash was unlikely despite first-time buyers finding it tougher to afford a home. |
| According to the report many of those priced out of the housing market are now turning to the social housing sector - as a result housing waiting lists have grown by 57% over the past five years to 1.6 million households - or four million people. | According to the report many of those priced out of the housing market are now turning to the social housing sector - as a result housing waiting lists have grown by 57% over the past five years to 1.6 million households - or four million people. |
| Upward march | Upward march |
| In the 10 years since Labour came to power house prices have surged by 156% while wages have risen by just 35%, research for the NHF carried out by Oxford Economics found. | In the 10 years since Labour came to power house prices have surged by 156% while wages have risen by just 35%, research for the NHF carried out by Oxford Economics found. |
| If such trends continue, prices will near the half a million mark in London by 2012, from the current average of £318,864. | If such trends continue, prices will near the half a million mark in London by 2012, from the current average of £318,864. |
| Even in regions traditionally regarded as cheaper - such as the North West and Yorkshire - average prices will break through the £200,000 level. | Even in regions traditionally regarded as cheaper - such as the North West and Yorkshire - average prices will break through the £200,000 level. |
| "Our report shows that continuing house price rises and the resulting housing crisis are set to stay with us for a long time," said NHF chief executive David Orr. | "Our report shows that continuing house price rises and the resulting housing crisis are set to stay with us for a long time," said NHF chief executive David Orr. |
| And while homeowners may view the surge in prices as good news, Mr Orr did warn they carried a "sting in the tail"., | And while homeowners may view the surge in prices as good news, Mr Orr did warn they carried a "sting in the tail"., |
| "A growing number of parents will find themselves subsidising their sons' and daughters' mortgages," he said. | "A growing number of parents will find themselves subsidising their sons' and daughters' mortgages," he said. |
| "And, across the country, more and more people are going to find themselves priced out of the property market - and struggling to find a decent home." | "And, across the country, more and more people are going to find themselves priced out of the property market - and struggling to find a decent home." |
| Construction drive | Construction drive |
| In order to tackle the problem the government must press ahead as soon as possible with its plans to build more homes - and make sure an additional 70,000 social homes are built each year, the NHF report added. | In order to tackle the problem the government must press ahead as soon as possible with its plans to build more homes - and make sure an additional 70,000 social homes are built each year, the NHF report added. |
| The government vowed to act to tackle the country's property problems with the publication of the Housing Green Paper last month. | The government vowed to act to tackle the country's property problems with the publication of the Housing Green Paper last month. |
| Among the proposals were plans for more than 70,000 affordable homes a year to be built by 2010/11. | Among the proposals were plans for more than 70,000 affordable homes a year to be built by 2010/11. |
| The building drive aims to tackle housing supply problems - local government figures show there is demand each year for 210,000 homes, but only 165,000 are being built. | The building drive aims to tackle housing supply problems - local government figures show there is demand each year for 210,000 homes, but only 165,000 are being built. |