§ Lord Taylor of Warwickasked Her Majesty's Government:
Why they consider the percentage of property sales accounted for by first-time buyers to be at its lowest level ever. [HL5011]
§ The Minister of State, Office of the Deputy Prime Minister (Lord Rooker)The average property price paid by first-time buyers has increased by 133.6 per cent, from an average of £46,489 in 1995 to £108,591 in the second quarter of 2003. Over the same period, average first-time buyer incomes have increased by only 70.3 per cent, from £18,697 in 1995 to £31,841 in Q2 203.
Average deposits needed to buy a first house have also risen, from 16.8 per cent of the property price (£7,810) in 1995 to 23.1 per cent (£25,084) in Q2 2003.
In response to these changes, we have set out a range of measures in the Sustainable Communities Plan and the 2003 Budget that will, over time, improve the affordability of housing.