Too many factors stand in the way of the universal property ownership the Government wants, the NLA commented in a blog.
In his first keynote speech as housing minister, Shapps said the “age of aspiration is back.”
Renting offers a positive and flexible choice, he said, but for those keen to buy, the coalition Government would support them.
NLA spokesman, Vincenzo Rampulla, dismissed the idea of universal home ownership as a modern myth, adding: “House prices are still beyond the reach of most people. Across the UK, house prices ballooned by 121% over the last decade.
“When 75% of people can’t afford a mortgage at less than 80% loan-to-value, prices are beyond the reach of most people,” he said.
He added the Government fell behind on the 120,000 annual home building tally years ago and the current 150,000 home shortfall was even predicted by Kate Barker back in 2005.
“For too long the Government has shouted from the rooftops about home ownership with a preacher’s fervour, ignoring the need for a more balanced housing market.
“More people are turning to renting and are re-thinking whether it’s worth rushing to own their own home,” he said.
“People paying inflated house prices entirely with loans was never the greatest idea.”
