UK Housing Shortage Met Head on By Chancellor
It is no secret the UK housing market is in crisis when the subject of supply and demand surfaces. The answer to the problem could be as simple as building more houses, but possibly not. There are other issues standing in the way of a solution which Brits are now facing and will be facing for years to come.
House ownership is becoming more of a challenge as time passes. If a house hunter is not able to afford the home of choice, then it is an issue of not having enough available housing to look at. The UK government in recent years has kicked off programmes which are designed to assist those who cannot afford the cost of a down payment. Those programmes have enabled thousands of house hunters to eventually live in their house of choice. The shortage of homes however has been stifling for most.
The increase in house prices in recent years has created a market which is especially difficult to break into, especially London. George Osborne is creating a new help to buy scheme specifically for those interested in living in the capital city. The government will also support the construction of more than 200,000 homes and subsidise the cost with the buyer.
These plans should make a dent in the shortage crisis and time will certainly enable anyone buying a home to see their effectiveness or lack of. Many close to the UK housing market argue that the only way to solve the shortage of housing is to build more, and in fact that makes up part of the plan for years to come.