MediaResponding to the latest housing data from the Halifax Sam Richards, CEO of pro-growth campaign group Britain Remade, said:
“The eye-watering amount that people are having to pay to buy a house is just extraordinary. It takes a couple, earning a normal income, 13 years on average to save a deposit for a house, up from just 3 years in the 1990s. This is not an accident; this is the consequence of failing to build to meet demand for decades.
“The only way to fix this is by reforming our outdated planning system, something that the upcoming planning bill needs to fix, so we can get building the homes we desperately need as quickly as possible.
“Not only will this allow young people to once again get on the housing ladder, it’s critical for boosting growth. Until we build the homes we need, millions of young people across the country will be denied the dream of home ownership.”