MORTGAGES TEN TIMES YOUR WAGE

HOMEBUYERS will soon have to fork out 10 times their salary to buy a property, according to a report out yesterday. That means 35 per cent - around four million people - will never be able to afford their own place. The typical househunter currently pays seven times their yearly wage for a home - with the average property costing nearly #200,000. But that could rise to 10 times annual earnings by 2026, warns the newly formed National Housing and Planning Advice Unit. Experts believe the only solution is to build more properties - but at the moment only roughly 190,000 are planned per year. Housing Minister

Yvette Cooper said: This simply wont do

enough to help the next generation of firsttime buyers. Those who are still opposing increased housing need to recognise the deeply unfair consequences for the first-time buyers of the future. The NHPAU, which surveyed 2,720 people, also found that it will take 18 per cent of first time buyers five years to save enough for a deposit. NHPAU chairman Prof Stephen Nickell said: There is a clear need for more ambitious and urgent delivery if we are to make homes more affordable for our children. Demand for housing is growing and unless action is taken, p

ressure on the market will only get worse. The report came on the eve of the Bank of Englands latest announcement on interest rates - expected to be held at at 5.5 per cent by chiefs meeting later today. To help first-time buyers deputy Labour party leader contender Peter Hain yesterday proposed making sellers pay stamp duty. He told BBC Radio 5 Live: This would exempt first-time buyers from the charge. This would be revenue neutral, but would be an enormous boost to young people. And a separate report found that the numbers of people living in substandard accommodation is at an all-time low - down from 9.1million in 1996 to six million in 2005. Bob.Roberts@Mirror.Co.Uk EXCLUSIVE: ..AND YOU CAN GET ONE DOWN THE POST OFFICE By James Coney THE Post Office is to sell mortgages in a battle to plug weekly losses of #4million. Bosses hope to steal customers away from the big banks and get them back in to branches. It will offer cheap home loans to struggling first-time buyers and those coming to the end of their current deal. But critics fear it will be the end of traditio

nal post offices as they become like banks. Marketing director Gary Hockey-Morley said: This is an exciting develop2020第93期跑狗图解 ment for us. It will get customers back. The Post Office has been in crisis in recent years, forcing it to axe 2,500 branches. Counter staff already offer customers credit card deals and sell travel and car insurance. 24 MILLION customers use one of 14,000 post offices every week

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