First Time Property Buyers News: Lack of housing stock is keep house prices up

By: Paramount-Magazine Published Date: 20 Jan 2012 17:11

House prices will remain high because not enough new properties are being built, it has been claimed.

The National Housing Building Council (NHBC) believes the nation’s growing population and a lack of mortgage availability is causing a housing shortage, which might be good for people who are equity rich, but is crippling the hopes of first-time buyers.

Richard Tamayo, commercial director of the NHBC, said that the problem could helped by more new homes being constructed but revealed that 45 per cent less are being built now than in 2008.

"Even four years ago, we were not building enough homes to meet the needs of the growing UK population,” he stated.

“The dream and inspiration of home ownership amongst the younger population is moving further and further out of their reach.”

The government recently claimed that its £420 million Get Britain Building scheme will see around 16,000 new properties come onto the market and create somewhere in the region of 30,000 new jobs.

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