Affordable housing crisis 'could hurt first-time buyers'
first-time buyers will see vital support disappear, based on forecasts from two UK housing bodies about the market for affordable homes.
The National Housing Federation (NHF) and Home Builders Federation (HBF) have voiced concerns that cuts of 25 per cent to the government housing budget will not only affect the construction industry, but also affordable housing provision.
Projections from the NHF and HBF suggest another 1.4 million people will be added to waiting list for housing already at record levels as more than 570,000 homes will not be built.
Furthermore, around 287,000 jobs in the construction industry and related fields will go as a result of the cuts.
NHF chairman David Orr said: "As bad housing is closely linked to poor health and poor educational attainment a failure to protect the housing budget from the post-election spending cuts could lead to many people needlessly suffering from a triple whammy effect."
Fears of a crisis in the housing market and continued difficulties for first-time looking to purchase a home may attract more people to look for property to rent in the London borough of Hackney, or elsewhere in the country, instead.
By Andy Britten
Published 20th April, 2010
© 2010 Estates IT Limited
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Warnings from housing bodies of a potential affordable homes crisis without political intervention may attract more people to look for property to rent in the London borough of Hackney, or elsewhere in the country, instead.