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Firstrung In The Media
Housing shortage: urban myth
MForm
13 March 2007
Britain's housing shortage is an urban myth, according to a leading property market expert.
Paul Holmes, a spokesperson for Firstrung, claims that the problem in Britain is a shortage of affordable homes rather than an overall property shortage.
A recent poll by agency YouGov found that a total of around three million people plan to move home in England and Wales by July this year, placing additional pressure on the housing market.
Commenting on the survey, Mr Holmes pointed out that the spring often sees a sharp rise in the number of people considering moving house, with many homeowners also considering selling properties to protect their profits as market inflation slows.
"It is an urban myth that the UK has a shortage of property overall, a shortage of affordable property has been caused for first-time buyers by the feverous speculation due to the increased money supply and loose lending criteria," he explained.
Mr Holmes noted that around 50 per cent of new build flats lie empty in some cities, including Manchester, as speculators purchase properties for swift returns and around 750,000 dilapidated homes lie empty across Britain.
A recent report from the Royal Institution of Chartered Surveyors (Rics) claimed that the number of new instructions received by estate agents has not increased in the past nine months, indicating a shortage of supply.
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