Affordability Plummets for First Time Buyers New research released today reveals that house prices in St Albans have soared over the last decade with St Albans becoming one of the most expensive areas of the country. St Albans’ average house prices have soared from £172,000 in 2000 to £301,000 in 2010 and are currently running at over 12 times average income making it the 6th most expensive area of the country outside London. Beleaguered first time buyers purchasing the average first time buyer home need to find around £55,000 to get a foot on the ladder. Meanwhile, the Government recently revealed its projections for annual household growth in St Albans and is predicting that the number of families in the town will increase by an average of 640 each year up to 2033. These households will put added pressure on housing in St Albans which currently has over 1800 families on the council’s list for social housing. The Home Builders Federation says it is vital that the town and surrounding districts build more houses to meet demand and enable young families to buy their first home. They also point out that the Government’s new incentive for house building, the New Homes Bonus, could see investment in the area increase significantly. If enough homes in St Albans were built to meet household projections the town could see more than £5.5million extra funding every year and create almost 1,000 jobs. John Slaughter, Policy Director at HBF said today: “St Albans is suffering from serious affordability problems and it is crucial that more homes are built, particularly for younger families and first time buyers. “On top of the obvious social benefits, new homes will increase jobs in the town and bring in millions of pounds from central government” For media enquiries, or to arrange an interview, please contact Steve Turner on 020 7960 1606 / 07919 307 760 or steve.turner@hbf.co.uk Follow us on Twitter! www.twitter.com/homebuildersfed Notes to Editors: The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk
