This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11132705
The article has changed 9 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Housing group gives four-year negative equity warning | Housing group gives four-year negative equity warning |
| (40 minutes later) | |
| Homeowners who bought at the peak of the market may face four more years of negative equity, a housing group has warned. | |
| The National Housing Federation (NHF) said the average buyer paid £216,800 for a home in 2007. | The National Housing Federation (NHF) said the average buyer paid £216,800 for a home in 2007. |
| They may now have to wait until 2014 before prices recover enough to make their homes worth more than they paid. | They may now have to wait until 2014 before prices recover enough to make their homes worth more than they paid. |
| The organisation, which campaigns for affordable housing, also said prices are still too high for many buyers. | The organisation, which campaigns for affordable housing, also said prices are still too high for many buyers. |
| 'Locked out' | 'Locked out' |
| According to the NHF, house prices will dip again next year by 3%, before steadily climbing thereafter. | According to the NHF, house prices will dip again next year by 3%, before steadily climbing thereafter. |
| They expect prices to rise some 22% by 2014, bringing the average price of a house to £226,900. | They expect prices to rise some 22% by 2014, bringing the average price of a house to £226,900. |
| According to NHF chief executive David Orr, prices will "inevitably increase in the long term because of the huge under-supply of housing". | According to NHF chief executive David Orr, prices will "inevitably increase in the long term because of the huge under-supply of housing". |
| But even at current depressed prices, he cautioned that houses remain unaffordable for most low-to-middle income families, thanks in part to tighter mortgage lending standards. | But even at current depressed prices, he cautioned that houses remain unaffordable for most low-to-middle income families, thanks in part to tighter mortgage lending standards. |
| "There's a very real risk that an entire generation will be locked out of the housing market for the foreseeable future," he said. | "There's a very real risk that an entire generation will be locked out of the housing market for the foreseeable future," he said. |
| He criticised government decisions to scrap regional house-building targets and withdraw funding for affordable housing. | He criticised government decisions to scrap regional house-building targets and withdraw funding for affordable housing. |
| "Proposed caps on housing benefit payments could also put nearly a million people on low incomes at risk of losing their home," he added. | "Proposed caps on housing benefit payments could also put nearly a million people on low incomes at risk of losing their home," he added. |