HOUSING SHORTAGE AND INFLATED UK PRICES
- 19 Jul
At the EU debate, the former Chancellor George Osborne claimed that "the value of homes in the UK could fall by as much as 18% following a Brexit vote."
Osborne envisages that "based on the average price of a home in the UK, the average residential property could fall in value by more than £50,000 within two years of the vote, in comparison to what it would be if the UK stayed in the EU".
Recent figures from Yorkshire Building Society shows that:
"The number of homes currently been built remains significantly below the government's target of 200,000 new homes a year ...the UK has missed its housebuilding targets by a staggering 1,199,180 since 2004", according to reports by PropertyInvestorTODAY.
Based on latest house building data from the House of Lords Economic Affairs Committee, "residential construction levels are actually falling: down by 3.2% in May- the biggest drop since February 2014".
Andrew McPhillips, chief economist at Yorkshire Building Society also said:
"The Brexit decision and the uncertainty it creates around the prospects for private sector housebuilders, not to mention the country's economic outlook, is likely to heighten the housing crisis.
"The longer we leave the supply crisis to worsen, the more difficult it will be to resolve. The UK has failed to build the number of homes needed to meet demand year after year, which has consequently inflated prices and made it even more difficult for those looking to buy."
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For more details, visit PropertyInvestorTODAY
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