As time goes by, young people are finding it more and more difficult to purchase a decent property, said two Labour MPs yesterday.

Dr Karl Chircop and Dr Stefan Buontempo said that the dreams of many couples to raise a family are being scuppered by skyrocketing property prices, and although there was plenty to rent or buy, it was the affordability factor that was proving to be the stumbling block.

The MPs said that, according to the Malta Environment and Planning Authority, there is a surplus of property on the market and in addition, the number of applications to build new units was also increasing.

The MLP said that the government was not addressing the problem properly. In fact, the government was selling part of a unit initially, then allowing a form of hire purchase to take place whereby the owners would continue to pay off the rest at later stages. This, they said, was because the government knew that people could not even afford Housing Authority units at the government’s price.

The MLP said that it was only young couples on a medium income that could afford such a scheme as those that are on low income or benefits would still not be lent the money by commercial banks to put the initial deposit down. They said this was confirmation that the government knows there is no money in people’s pockets. They also said that Housing Authority accommodation is as expensive, if not even more expensive, than that which is available in the private sector.