Housing Shortage In The UK!
Government body The National Housing and Planning Advice Unit (NHPAU) are claiming that the UK is a 20 years away from a housing shortage which will result in home costing 10 times yearly salary!! The current value is 7 times yearly salary.
There are 168,000 houses being built in the UK, however if this is not raised to over 200,000 the housing market will become increasingly hard for buyers.
If there was a housing shortage this would hit first time buyers more acutely, lack of buying power and borrowing potential will price many first time buyers out of the property ladder. House prices have doubled in the last 10 years and this rate of increase is twice the rate of salary increase.
The predicted housing shortage mirrors the lack of affordable housing available when city councils decided to move large numbers out of town during the 1960s, hopefully there will be a more permanant and better thought out solution than giant tower blocks left to decay.
Read more At the National Housing and Planning Advice Unit (NHPAU) site