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30/04/2009
Warning of house price surge |
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House prices could soar rapidly when the market picks up again due to the lack of new building taking place, it has been warned.
Bank of England Monetary Policy Committee member Kate Barker commented that the government's target for 240,000 new homes per year until 2016 is "difficult, if not impossible" to meet.
She added: "When the housing industry was booming, we still only achieved 200,000 new homes in one year, which raises the prospect of prices rising sharply again in the future."
Ms Barker called for action to speed up planning, but also noted that rental property will have a bigger future role as people get on the housing ladder increasingly late in life.
People keen on buying property may wish to consult a solicitor before doing so.
Getting on the housing ladder may be particularly hard for those living in London with its higher prices.
According to the most recent Land Registry figures - covering February this year - the average price in Westminster is £545,632, while it is £293,945 in Ealing.
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