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House prices to reach £300,000

The average cost of a house in England will rise past the £300,000 mark within five years research suggests.

The National Housing Federation has warned prices are now almost 11 times the average wage and may rise by 40% as demand increases with no new houses.

To avoid a looming crisis the National Housing Federation has once again asked the government to act on its promise to create three million more homes by 2020.

Rising interest rates have led other analysts to forecast falls in house prices.

Also according to reports a housing crash is unlikely despite first-time buyers finding it tougher to afford a home.

Many of those priced out of the market are turning to the social housing sector - as a result housing waiting lists have grown by 55% over the past five years to 1.5 million households - or four million people.

To take on the problem the government must take an as soon as possible approach with its plans to build more homes, and make sure an additional 75,000 social homes are built each year.

Among proposals planned are for more than 70,000 affordable homes a year to be built by 2010/11.