Briefing: At any cost? The case for stable house prices in England

Many families on typical incomes are already priced out of home ownership. Recent research by Shelter showed that it would take the average family 12 years to save up for the deposit on a home of their own.

Some young people are fortunate and can rely on financial help from their parents – the Bank of Mum and Dad last year forked out a staggering £2 billion in support for first time buyers – but most young people can’t rely on this kind of assistance. As a result, home ownership among young families on normal incomes is falling precipitously, and has been since well before the financial crisis began.

With the chances of home ownership declining for families on normal incomes it is no wonder that recent surveys show that the majority of voters (66%) do not want house prices to rise – they would rather see them remain stable, or even fall.

We need an end to the era of unaffordable and rising house prices, if families are to have a chance of owning a home of their own.