‘Chancellor increasingly has no option but to put the UK’s housing crisis at the top of his Budget agenda’

Andy Sommerville, Director of Search Acumen, comments on October’s HMRC Property Transactions:

“Sluggish and slow have been the recent words of choice to describe the UK’s housing market, yet October’s figures depict the contrary. Last month witnessed 2017’s busiest month in terms of residential transactions, and a rise of almost 10% since the same point last year.

“This surge in activity is positive, yet is merely papering over the cracks in terms of the market’s long term prospects. The reality remains that millions within the UK are still excluded from entry to the property ladder while movement among existing homeowners is still relatively subdued.

“Brexit aside, the Chancellor increasingly has no option but to put the UK’s housing crisis at the top of his Budget agenda. We predict England’s housing shortfall will reach a million by 2022. If government inaction to address this shortage continues, it risks becoming the UK’s most critical domestic issue.

“The UK needs to embark on the greatest construction drive we have witnessed in a century if we are to solve our housing crisis, and this can only be achieved with government support.”

This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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