The shortage of affordable properties in the UK has no doubt been a contributory factor in the rise in house prices.

Even with mortgage rates still at a relative low level, it has become harder to get a foot on the housing ladder for first time buyers.

The housing shortage is a serious issue, especially in London, where it is estimated that there was a shortfall of 40,000 homes in 2021.

One thing that can help is building more houses. 

There are many reasons for the shortage of homes in England, but one major reason is because little new housing development has taken place since 2010 – before this time there was approximately 240,000 new builds per year. 

We have seen a slowdown in house building partly because of planning issues – councils need to give permission for houses to be built and in recent years we have faced issues such as NIMBYism (Not In My Back Yard) which is when residents oppose new developments in their area. 

It can also be difficult to get permission to build on green belt land and some councils impose severe restrictions on how they want new developments to look – especially so in London.

The UK Government had aimed to build a million homes by 2020 – an average of 200,000 per year – as part of their housing plan but this average has been closer to 180,000.

The UK has a growing housing problem. There are more people than ever before, but far fewer homes. The result is that many families are having to make do with cramped spaces, or they’re renting when they’d prefer to be buying.

If you would rather be buying than renting and want to find out how much it will cost to purchase your own home, contact us today and we will help you assess your potential to own a home of your own.