Housing minister Grant Shapps says a period of house price “stability” is needed to ensure future generations of would-be house buyers are not priced out of the market.
Speaking at the Housing Market Intelligence conference, Shapps said future generations will be let down unless something is done to make housing more affordable and prices more stable.
He said: “With a house now liable to cost perhaps seven times someone’s earnings, it’s no surprise that the average unsupported first time buyer is 37 years old.
“This country is in danger of letting down the aspirations of yet another generation if homes do not become more affordable in the long term.”
He added: “So what is required now is a period of house price stability. House price booms keep people out of the market. And house price busts mean people’s homes are worth less than they paid for them.”
Shapps also said he would look to reduce the regulation house builders face to encourage more housing developments started.
He said: “Just as we are serious about cutting the deficit, we are serious about reducing regulations.
“Of course, building regulations will continue to set a national minimum requirement for all new homes to make sure they are safe and help us reach our climate change targets. But we have already launched a review of the Building Regulations to identify where we can ease the burden on industry.”