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Revealed: first-time homes have grown less affordable under the Tories
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First-time buyers have seen the gap between their wages and house prices grow in the vast majority of councils in England and Wales, casting doubt on Boris Johnson’s promise to “turn generation rent into generation buy”.
Just over a decade ago, the prime minister said he wanted to give people “the fundamental life-affirming power of home ownership” and “spread that opportunity to every part of the country”.
Guardian analysis of prices paid by first-time buyers, however, shows that the affordability gap has grown in 98% of England’s local authorities since 2015, and in every part of Wales.
The traditional benchmark for mortgage affordability is that the amount required from a lender – the property price minus a 10% deposit – should not exceed
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