Goddaz get ur second yard now fam, b4 the increase. llow getting a whip for the time being-----------------House prices are set to soar by 40 per cent over the next five years, according to a report.(Advertisement)The National Housing Federation said the average home will be worth £300,000 by 2012.The group warned that the price of the average home in England was now £206,594, nearly 11 times average earnings, with prices pushed up as supply continued to drop even further behind demand.But despite the fact that owning a home is increasingly being pushed out of reach of first-time buyers, the NHF said a house price crash was unlikely to happen.It added that house prices had risen by 156 per cent since labour came to power in 1997, but during the same period average incomes had gone up by just 35 per cent.Research carried out for the group by Oxford Economics found that by 2012 the average cost of a home in London will have soared from its current level of £318,864 to £478,300.In the South East, the average property will cost £392,900, while in the East they will have reached £340,200.Even traditionally cheaper regions such as the North West and Yorkshire and Humberside will have average house prices of more than £200,000, while homes will cost just below this level in the North East at an average of £187,200.It said that in Kensington & Chelsea and South Buckinghamshire, house prices were already more than 20 times local average incomes, and there are now only seven areas across England where the cheapest homes cost less than four times average local earnings.Unsurprisingly, it found that social housing waiting lists grew by 57 per cent during the past five years to 1.6 million households, the equivalent of around four million people.The group said its study reinforced the need for the Government to act on its recent pledge to build an additional three million homes by 2020.Federation Chief Executive David Orr said: "Our report shows that continuing house price rises and the resulting housing crisis are set to stay with us for a long time."Our projections show that house prices will break the £300,000 barrier by 2012. Home owners may see this as good news, but it carries a sting in the tail."A growing number of parents will find themselves subsidising their sons' and daughters' mortgages. And, across the country, more and more people are going to find themselves priced out of the property market - and struggling to find a decent home."
