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11/09/2008
Expert warns 'not enough housing' |
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An industry expert has warned that there is a shorting of housing in the UK and that the situation would remain the same even if house prices were to stabilise.
That is according to head of development research at estate agent Knight Frank, who has urged the government to cut interest rates to bolster consumer confidence.
Mr Neale described the "period of intense stress" where those in the industry are experiencing "very unusual predictions in terms of access to credit".
Although Mr Neale admitted that he would not want to predict when the market may start to bounce back, he said that "at some point people will want to start buying homes again and they'll discover there is a shortage".
The answer, he said, is for the government to concentrate on freeing up the mortgage market and the Bank of England to cut interest rates.
Savills' Residential Property Focus for September 2008 found that the number of additional new homes created in England through new development and conversion is due to fall again.
At its peak, there were around 200,000 units per annum at the end of 2007. Experts now believe that number will fall to just under 130,000 by the end of 2010. |
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