Demand for housing "outstrips supply" in UK

10-Sep-2008

There is a shortage of housing in the UK, according to one expert.

Jon Neale, head of development research at Knight Frank, says the stress encountered at the moment is due to turmoil in the financial markets.

"The factor that is missing in a lot of reports is that in the long term we do have a shortage of housing in this country," he says.

When the time comes for people to start buying homes again, "they'll discover there is a shortage out there", Mr Neale adds, with demand outweighing supply.

First-time buyers may therefore find it even more difficult to get on the property ladder.

In order to free-up the housing market, the expert believes it necessary for the Bank of England to cut interest rates "in a matter of urgency".

According to Savills' Residential Property Focus for September 2008, increasing the lowest stamp duty threshold will benefit buyers in all regions but will have a more obvious impact outside the south-east.

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