Housing Market Crisis in UK Evident as Asking Prices Increase to Record High
The housing market isn’t just missing first time buyers, but it is now actually missing property for sale. According to the property lister Rightmove, fewer properties have been made available for sale this year than last pushing demand up as supply lingers below what is needed for a normalization of the market. The current asking price as of April is now £286,133.
The latest data on the housing crisis in the UK will push the political parties to address the situation and offer their versions of solutions that will work to push the balance into place. The solutions they offer could sway those already having made up their minds or win over the vote of those still trying to decide.
The number of homes available for sale has fallen by 4% compared to last year and those already on the market have an asking price 1.6% greater than last year to a new record of £286,133. The previous highest asking price was in June 2014.
The rate of growth in price increases slowed to 4.6% in April from 5.4% in March, however, the numbers are still higher than average.
The high growth in house prices can cause several problems for the UK which includes losing young families and young people to other areas due to their inability to find affordable housing. The housing crisis will also push demand higher as each generation seeks to find adequate housing and without it, other crisis begin that will prove difficult for all, thus the need to solve the problem of a lack of housing is necessary.