Resort’s young families ‘priced out of homes’

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Young families in Blackpool are being priced out of owning their own home, housing charity Shelter has warned.

New research has found that couples with one child would have to save up for more than a decade to afford to buy their first home in the resort.

The report blames a lack of affordable houses for the problems facing prospective buyers.

Shelter chief executive Campbell Robb said: “Homeownership used to be within most people’s reach, but the rising shortage of affordable homes has pushed house prices up so high that for millions of young people it’s now just a fantasy, however how hard they work or save.

“Parents are right to be worried. The reality is that unless we get a grip on the housing shortage soon, children today could spend decades paying out dead money in expensive rents, or living at home well into adulthood with little hope of planning for their own families.

“Successive governments have announced scheme after scheme promising to help first time buyers, but these have just papered over the cracks.

“The only way to make sure young people have a hope of a home of their own is for politicians to roll up their sleeves and commit to building enough truly affordable homes.”

According to the research, which looks at average wages a couple with one child would have to save up for 11.6 years to afford a 20 per cent deposit on their first home.

The figure is the second worst in the North West, after Sefton, and well above the regional average of 9.3 years.

For couples without a child in Blackpool, the wait falls to five years.