Government cuts to housing may lead individuals to seek flats to rent in London
Government cuts to the building of new houses could lead to more first-time buyers looking for flats to rent in London.
William Griffith, spokesman at PricedOut, said reductions made in funding for constructing new property always have a negative impact on individuals trying to secure their first home.
"Housing budget cuts mark another moment when housing comes out the loser in the fight for political attention," he added.
His comments follow a report from the National Housing Federation that stated cutbacks to the budget for property could result in only 243 new affordable homes being built in the south-east and London up to March 2015, beyond plans that have already secured funding.
Mr Griffith observed there is an imbalance between services being cut for the young, while older generations are afforded generous perks.
He pointed out the previous decade saw an approach that did not work for a large proportion of first-time buyers, with affordability in the wider housing market rapidly deteriorating during that time.
posted by Charles Mackay
Published 20th October, 2010
© 2010 Estates IT Limited
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First-time buyers will be affected by a reduction in new house building, it has been noted.