PricedOut welcomes BBC research findings

PricedOut - the campaign for affordable house prices, welcomes the findings of today's report commissioned by the BBC (see http://news.bbc.co.uk/1/hi/business/7395041.stm) that most people do not want to see more house price growth, and in fact many would like to see a fall in house prices.

The report also finds that almost half the population wouldn't curb their spending habits if property prices fell by 10% - thereby overturning the notion that falling house prices equals a recession.

The widespread myth that high house prices are good for all is demolished by this new research. We need a re-think in the UK that recognizes houses are homes, not assets. Many home-owners and would-be first time buyers would benefit from more affordable house prices.

Over and over again, people are telling PricedOut that they are keen to see house prices fall even further so that they become more affordable.

The average house price now stands at six times the average salary and are overvalued by around 30%. This has a wide range of under-reported social consequences.

Gordon Brown has failed to acknowledge the underlying causes of extortionate house prices that he pledged to keep under control when he became Chancellor in 1997 (see http://www.bbc.co.uk/politics97/budget97/live/housing.shtml).

The Government must rectify its mistakes:

Failing to regulate property speculation and multiple home ownership, particularly in the 1-2 bed property market where first time buyers are most likely to buy
Failing to regulate irresponsible lending
Failing to tackle empty homes, and the need to build more homes.

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PricedOut continue to campaign the Government to:

Tackle the root causes of the housing affordability crisis, not just the symptoms
Recognise that over-priced houses are not a good thing
Build more affordable homes
Stamp out property speculation and tax multiple home-ownership
Tackle irresponsible lending.

For more information, please contact: press@pricedout.org.uk or 07904 017072.

www.pricedout.org.uk
The campaign for affordable house prices