Housing demand set to outstrip supply
News Category: Marketing
Published: 05-Jan-2009
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A shortage of new housing in the UK property market has been predicted for 2009.
Government officials expect less than 80,000 new homes to be constructed in the UK this year, with social housing likely to be prioritised at the expense of new private houses, reports Property Wire.
Letting agents and landlords could experience higher demand from potential tenants if more Britons struggle to get on to the property market this year.
If just 80,000 new homes are developed in 2009, it would be the lowest total since 1924, according to the news provider.
The report comes after Rics recently warned of the potential for a serious housing shortage in the UK property sector.
Simon Rubinsohn, chief economist at the organisation, argued that a lack of supply could lead to another period of volatility in the housing market - after the effects of the current crisis have waned.
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