Home ownership slipping out of each for millions

Yesterday's Times (£) reported a study by the Home Builders Federation (HBF) that shows, according to the Times, "home ownership slipping further out of reach for millions". According to the study it will take on average over 15 years to save for a 20% deposit. Outside London, the wait is longest in South East (18yr 8mths), East of England (16yr 5mths) and South West (16yr 2mths). Millions face the prospect of decades in rented accommodation with little prospect of becoming home owners until they are in their forties.

The report highlights the plight of the Cheshire family from Stevenage. Mr & Mrs Cheshire live in rented accommodation with their 2 young children. The couple - who both work full time - have been forced to move homes twice since their four year old daughter was born. They aspire to home ownership and the security it provides, but cannot afford to buy and do not qualify for social housing.

As the Prime Minister prepares to launch the Government's housing strategy on Monday, Labour's frontbench needs to ensure that we have something to offer couples like the Cheshires. Voters in marginal seats like Stevenage need to know that not only does Labour understands their hopes and aspirations, but that we have policies that will help them realise them. Helping create a new generation of home owners is one way to do that.