Average house price in England could double in next decade, report says
Its all about housing supply – as this article tells us:
The average price of a house in England could double in the next decade and hit more than £900,000 by 2034, unless there is a radical new housebuilding programme to provide nearly a quarter of a million new homes a year, a report claims today.
Research by the housing charity Shelter and consultancy firm KPMG suggests that more than half of those aged 20-34 could be living with their parents by 2040 as rising housing costs lock them out of the property market.
In a report called Building The Homes We Need, the organisations call for whichever party that wins the 2015 election to address housing in an emergency budget and a new bill, introduced within 100 days of getting into government.
An estimated 240,000 new homes are needed in England to keep up with demand from new households, but even before the financial downturn building was running at well below that level.
Last year, just under 110,000 homes were completed, and the report argues that without action the average price of a home in England, as measured by Nationwide building society, will double from its current level to reach £446,000 in 10 years.