By Elena Siniscalco
[Re: UK house prices rise by an average £36,000 in just 12-months, Oct 19]
It is shocking that the average cost of a home in the UK has jumped more than the average Brits’ annual salary. House prices mean that buying a home is out of reach for many, and we have seen this across all areas – not least in the capital.
There is a real supply and demand issue, and the sector desperately needs to increase its output of new homes, either through additional government funding or by forming partnerships with private investors. Only then will prices begin to stabilise.
This, coupled with staggering rental hikes, is leaving aspirational Londoners with limited options and real fears that they may not ever have the security of owning their own home.
We know from experience of property market cycles that shared ownership remains a powerful product, providing people with options to purchase as much of a home they can afford, and increasing as and when finances allow. What many people fail to realise is that the combined monthly cost at entry of shared ownership is almost always the equivalent or cheaper than renting the same property in that local market.
Housing is a sacred but necessary commodity – and we need to collectively ensure that individuals have a safe, high-quality and most importantly affordable place to call home.
Kush Rawai
SO Resi
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