Affordability home truths
A report by a landlords’ lobbying group has proved houses haven’t become more ‘‘unaffordable’’ to the young.
Phew, that’s a relief, because I was under the impression that in our big cities they were severely unaffordable.
I had been seeing signs of severe unaffordability everywhere; falling home ownership, increasing years to save a deposit, parents guaranteeing mortgages, youngsters needing gifted deposits, and the skyrocketing ratio of house prices to household incomes.
But then the Property Investors’ Federation (PIF) Housing Affordability Report assured me: ‘‘Commentators who state that it has never been less affordable to get into your first home are wrong and may inadvertently be doing a great disservice to first home buyers.’’
I was suspicious about the report, which compared the ‘‘affordability’’ of mortgage