AFFORDABLE HOUSING

That this House notes with concern the recent report from the Council of Mortgage Lenders which shows that first-time buyers are now borrowing an average of 3.33 times their own incomes to buy a home, the highest proportion since 1992; further recognises that rapidly increasing house prices mean that more first-time buyers are paying stamp duty, with 58 per cent. of first-time buyers paying stamp duty in April of this year; expresses concern at the number of young people unable to purchase their own home due to high prices; and calls on the Government to work with local authorities to raise targets set for the number of affordable homes to be built so that more people can access the housing market.