House prices 10% higher for first time buyers

This morning, the Office for National Statistics revealed the latest miserable house price index. People who want to buy their first home must now pay 10.5% more than they would have a year ago - a figure that rises to 17.5% in London.

Alex Hilton, Director of Generation Rent, said:

“Two thirds of private renters would rather be living in a home they own than paying off their landlord’s mortgage. Double digit house price inflation is miserable news and wipes out government efforts on affordable housing. For 9 million renters, higher prices only means even higher rents as new landlords try to make a return on their increasingly expensive investments.” 

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