It is a huge challenge for people who aspire to own their own homes due to the lack of affordable homes to buy, particularly for young renters, to save enough money for a deposit.
The problem of affordable homes to rent or buy is complex and it is unlikely that there is one simple solution.
One key issue is that more homes need to be built to rebalance supply and demand and whilst demand continues to exceed supply prices will continue to increase.
The lack of supply is also true for affordable homes to rent due to the substantial reduction over the last thirty years in the availability of social rent equivalent properties.
This was caused by Right to Buy (RTB). While it has been good in parts to promote home ownership, unfortunately as properties were sold off, not enough were built to replace them.
The reality is also that the system has been abused with some people across the country manipulated the RTB scheme to assemble ‘Buy to Let’ portfolios with substantially higher rent.
For Woking, and many other parts of the County, the availability of affordable housing, of any kind, has therefore fallen dramatically over the last 30 years.
In 1981, 21% of the housing stock in Woking was classified as ‘affordable’, by 2011 that had reduced to 13%.