Lack of housing to blight affordability
Affordability issues with property for sale in London look set to continue unless more homes are built, it has been claimed.
The government has set a target of developing 240,000 new homes each year by 2016, but according to the Home Builder's Federation Whitehall is failing to take to necessary measures to meet that goal.
John Slaughter, director of external affairs for the trade association, said that if the shortfall cannot be made up then it is all but certain the affordability issue will continue and possibly even worsen.
That assessment runs in sharp contrast to the slew of recent property indices which have warned of a sharp house price correction in the coming months and years.
"Affordability will continue to be a problem, because there will be an imbalance of supply and demand, and that will be reflected in comparatively high price levels," Mr Slaughter commented.
Predicting difficulties ahead for prospective London property owners, he added: "People are going to struggle to live where they would like to live - in places near to their jobs in some cases - and is quite a strain on the efficient operation of the economy."
Published 3rd June, 2008
© 2008 Estates IT Limited
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Affordability issues with property for sale in London look set to continue unless more homes are built, it has been claimed.