6 Jan

UK faces housing supply "crisis"

UK faces housing supply "crisis"

There is a widespread lack of housing in the UK, according to a new report.

Research conducted by the National Association of Estate Agents (NAEA) revealed that there are ten buyers for every property in the UK as the supply of homes coming to the market has fallen over the past month.

The property market does usually see a slowdown in the run-up to the festive period and this has been seen across many estate agencies. There has been drop in the number of sales being completed, but it has reached worrying levels, claims the report’s authors.

Overall, the number of people looking to purchase a new property has increase by 20 per cent, but the lack of suitable options on the market could undermine the UK’s housing market.

 “It’s very normal at this time of year that demand is high and supply is low. House hunters hoping to find their dream property in the New Year have registered interest with agents, whilst those hoping to sell are holding off putting their properties on the market before January. However, supply is outweighing demand so heavily now that it can’t solely be attributed to seasonality,” said Mark Hayward, NAEA managing director.

He added the government needs to act quickly to ensure first-time buyers are not forced out of home ownership and called for more focus to be made on the overall stock of houses being built.

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