Tuesday, March 06, 2007

Plaid Puts The Bottom Rung Back On The Ladder

The Nationwide Building Society's latest report on the housing market highlights the need for imaginative policies to deal with the problems faced by those trying to buy their first home.

The report shows that, compared with just 12 months ago, a first time buyer would need to find an extra £700 for a deposit and would be paying an extra £120 per month mortgage on a typical house. To purchase a starter home at an avergae price now requires an income of £40,000. Added to this grim picture we have, in Montgomeryshire, one of the highest gaps in the whole country between average wages and what is needed for an average deposit on a home.

Plaid Cymru has recognised that the bottom rung has fallen off the housing ladder. That is why we are proposing, amongst other measures, a grant of up to £5,000 (£10,000 for a couple like Lowri and Clwyd above) to help towards a first home.

We will all benefit by giving our young people a chance to stay in Montgomeryshire and local services such as schools, post offices and shops would all gain from having young families as a stable part of their communities.

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