Welcome to the UK, where affordable housing can often feel like an oxymoron. The average national house price is £294,000, but someone earning the average annual salary of £33,000 can expect to borrow no more than £140,000, leaving a considerable shortfall. The typical first-time buyer is aged 32 and pays a £54,000 deposit for a £264,000 house, which is clearly out of reach for many people.
New builds make up about a fifth of the market. They are a particular issue for affordability, since they command a premium of about 10% over an existing home for the convenience of being new. But is this justified?
