30 May

Undersupply problems 'getting worse'

Undersupply problems 'getting worse'

The problem of a housing shortage in the UK is likely to be compounded by the current conditions being witnessed in the market, it has been claimed.

Director of external affairs at the Home Builders Federation John Slaughter stated that not enough properties have been constructed in the past 15 years, adding that the situation will be exacerbated.

At the moment, there is a "lack of mortgage finance", even though people would like to buy, he said.

However, when there is an upturn there will still probably be a "backlog" of demand, Mr Slaughter remarked.

"We have an underlying issue of undersupply for some time and the current situation is likely to exacerbate that," he commented.

Group chief executive at Barratt Developments Mark Clare has recently stated that new housing developments are currently being hit by the credit crunch.

He added that plans by the government to create new houses were placed under more pressure due to its own definition of non-carbon dwellings.
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