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The future for first time buyers in Bournemouth: will there ever be a first time? First time buyers will be hoping for a slowdown in house price inflation in Bournemouth in 2008, and ideally a downturn. Reports say the number of first time buyers is at its lowest level for 27 years; that house prices are still rising faster than salaries; and many first time buyers are now priced out of the market - in 96% of towns they can't afford an average house. What hope for first time buyers in Bournemouth, an area with significantly higher property prices than most other areas of the country?
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Many people will have to turn to the
rented sector, at least while they save a large deposit. But there is a
shortage of affordable and social housing. People moving to the area from
the large towns and cities will find as an alternative to buying that the
council housing they have been used to doesn't exist in Bournemouth. While
Housing Associations which traditionally provide a step into home ownership
for people on low and moderate incomes aren't very active in the town. There
is a thriving private rented sector to fill the void of social and Housing
Association accommodation, but can a first time buyer pay rent and save a
deposit at the same time? The housing stock is also different from other parts of the country - there is no terraced housing, and the two and three bed semi detached and detached houses found in other towns and cities are actually large four and six bedroom houses in Bournemouth. This means the price for houses starts way above the level in other areas of the country. For people born in the town, or moving to Bournemouth, who are looking to gain a stake in their community through home ownership, the future looks bleak. The Government, which has encouraged home ownership as a way of driving the economy and getting people involved in their community, now has to deal with a generation of people priced out of the market and asking the question: will there ever be a first time? |
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