Andy Somerville, Director of Search Acumen, comments:
“Without urgent action home ownership will remain nothing more than a Christmas wish for many aspiring homeowners.
“There is clearly still plenty of confidence in the housing market as sellers’ price expectations for newly listed homes increase. Some will see the rising national average asking price as a sign of health, but in a market suffering from chronic unaffordability this is yet another indicator that reform is required to prevent inflated pricing. This is especially true in a climate where we expect a cumulative shortfall of one million new homes by 2022 compared to what we need to be building to satisfy demand.
“We are seeing increasing numbers of desperate sellers chasing buyers who are being squeezed out and dispirited. Yet again this boils down to a deep-rooted lack of supply and the need for more housing stock to prevent asking prices rocketing further out of reach, especially for first-time buyers.”
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.
