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:
"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”
Have your say on this story using the comment section below