It is unlikely difficulties in the UK housing market will be significantly resolved in the near future, one expert has argued.
Steve Lees, director at property website SmartNewHomes, said greater availability for “mortgage finance and the supply of land for development” is needed before the situation can “improve drastically”.
However, currently there is a vast difference between the number of domiciles being created and demand from the nation, resulting in a “massive shortfall” between what is needed and what exists, the expert continued.
This is not going to change until financing for this kind of building project becomes more accessible, he asserted.
Recent research from the Department for Communities and Local Government found there were 23,400 house building starts in the June quarter of 2011, adjusted for seasonal variations.
This represents a nine per cent drop since the March quarter, with completions similarly decreasing by four per cent over this time period, from 29,020 to 27,750.