warned: "Such a long period will inevitably discourage investment in bringing forward new sites in the period following a recession, as developers will want to be certain that a strong recovery is under way before they make any such lengthy commitment.
Professor Stephen Nickell, chair of the NHPAU
and former Bank of England Monetary Policy Committee member, said: ''First-time buyers have seen a big rise in the deposit needed to buy a home and the amount of their income spent on mortgages.
A whole generation faces being unable to get onto the property ladder if Ministers fail to act now to ease the problem for the future, according to the NHPAU
chairman Prof Stephen Nickell said: "There is a clear need for more ambitious and urgent delivery if we are to make homes more affordable for our children.
Steep house price hikes meant that by 2006 the typical homebuyer was looking at a home that was seven times his or her salary By 2026 the NHPAU
estimates house hunters will face average prices 10 times their yearly earnings.
Launched yesterday to make homes more affordable across the country, NHPAU
made the calculations using Government figures showing that in 2000 the average price of a home was four times annual earnings, and by 2006 this had increased to more than seven times the annual earnings.