Housing shortage must be addressed, say property experts

02-Jun-2008

First-time buyers will have an easier time getting on the property ladder if leaders deal with a current shortage of new and affordable homes.

That is the conclusion of the Home Builders Federation, whose spokesperson suggested that mortgage difficulties will not subside without greater availability of affordable houses.

"There will be an imbalance of supply and demand, and that will be reflected in comparatively high price levels," remarked John Slaughter, director of external affairs for the trade association.

"People are going to struggle to live where they would like to live, in places near to their jobs in some cases," he continued, claiming that this represents "quite a strain" on the efficient operation of the economy.

Representatives for housebuilder Barratt Developments have also alluded to the shortage of new homes in recent weeks, with group chief executive Mark Clare telling Inside Housing magazine that the ongoing credit crunch is "strangling" new development.

He also speculated that builders will not hit the government's goal of 240,000 new homes per year by 2016, as developers have put volume house building on hold while they wait for the economy to improve.

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Undersupply of homes 'hindering first-time buyers' More mortgage advice sought amid economic concerns

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