Commenting on the release of new ONS/Land Registry house price data, John Healey MP,Labour’s Shadow Secretary of State for Housing, said:

“House prices rising much faster than wages is more bad news for first-time buyers. Since 2010, the price of the average home in England has grown three times faster than the average pay packet. As the Prime Minister Theresa May has admitted, the Conservatives’ economic approach has made things worse.

“Under Labour a million more families became home-owners, but under the Tories since 2010 home-ownership has fallen with a third of a million fewer home-owning households under 35. A generation of young people increasingly feel like their hopes of ever getting a home of their own are slipping away.

“Labour’s Redfern Review will be published next month, setting out ground-breaking detail on the causes of this fall in home-ownership as the basis for Labour’s long-term plan to boost home-ownership and fix the housing crisis.”