Recent reports from the National Audit Office are painting a dismal picture of housing supply for the coming years. According to the latest news from the Office, the shortage of housing crisis is likely to be an issue for the foreseeable future. It clearly has no definitive end in sight. During the span of 2011 to 2021, projected new homes constructed each year numbered almost 230,000. That figure, so far, has been cut to only 166,000 homes per year. This represents a shortage of more than 60,000 completed homes each year.

There are several mentionable reasons for the serious deficit in the number of homes which have been built. Land has become quite expensive, planning laws are quite strict, and local councils are simply not having as many houses constructed in their immediate area.

As the housing shortage rages on, remortgage activity continues to pick up speed. Since the middle of the summer during 2016, UK home owners have sought out applications for remortgage in large numbers. This has resulted in many households being able to save many pounds off the cost of their monthly mortgage. There are still many deals left on the table to take advantage of, according to many experts in the housing community.

London is feeling the greatest effect of the housing shortage, followed closely by the south east of England. Demand remains high in these two areas which is causing great concern.

Amyas Morse, head of the National Audit Office (NAO), commented on the latest data related to the housing shortage, saying: "The need for housing in England has in recent years grown faster than its supply and housebuilding needs to increase across the country.”

Morse added: "The government has responded to this by putting in place a range of policies to increase housing supply and home ownership. Central to this is an ambition to increase the supply of housing by one million homes by 2020, largely through support to private housebuilders. Delivery of this target will not require a substantial increase in current levels of housebuilding."