FTBs to face affordability problems for some time

It is not possible for the UK to build itself out of the current housing affordability crisis.

That is according to Firstrung and is bad news for first time buyers (FTBs), many of whom are struggling with affordability issues.

According to Paul Holmes, chief executive officer of Firstrung, the current state of the housing market means that builders are unwilling to enter into major projects.

"Without mass building of starter homes [such as that seen] with the repatriation needed after World War Two, it's impossible to build ourselves out of the problem we have to create affordable housing," he said.

"I don't think the will is there from builders because we shouldn't lose sight and forget that governments do not build homes, builders build homes and in the current marketplace builders are not going to build homes unless they can do it profitably," added Mr Holmes.

The government recently pledged to build three million new homes by 2020.

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