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Supply shortage to hit 100,000 buyers

Supply shortage to hit 100,000 buyers (Buying)

by administrator @, Tuesday, June 21, 2011, 14:50

Low levels of housing supply will prevent 100,000 people getting on the housing ladder in 2011, according to new analysis.

The report, from the Chartered Institute of Housing, also questions whether the private rented sector will be able to meet demand caused by the lack of social housing and barriers for first-time buyers.

The CIH is launching its revised briefing paper, which is produced by academics Steve Wilcox and Hal Pawson, to coincide with the start of the institute’s annual conference and exhibition in Harrogate today.

It also comes a day after the government announced the results of bids for funding through its firstbuy scheme, which helps first-time buyers purchase new homes.

Household projections show demand for homes is growing at a rate of 245,000 a year, but house building levels are lower than half that figure. The new homes bonus incentive scheme is expected to boost building by between 8 and 13 per cent by 2016/17.

Sarah Webb, chief executive of the CIH said: ‘We need much more focus on housing in economic policy, and we need politicians and practitioners to work together to find new ways to promote affordability, secure sufficient investment, and face up to the demographic timebomb.’

Mr Wilcox said: ‘The housing market and policy challenges ahead for the government cannot be underestimated. Stronger interventions are required to improve the supply of mortgage finance, especially for first time buyers without access to substantial deposits.

‘The government also needs to reconsider its approach to dealing with housing costs within its wider welfare reforms. The current proposals are too complex, and fail to provide the transparency required for effective work incentives.’

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