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UK houses for sale dip to level of the 1970s

downton2The supply of houses for sale in Britain is at its lowest level since the 1970s, according to Nationwide.

Unless more houses are built, there is a danger that the supply will continue to dwindle and this would push up house prices yet more, it warned.

Currently, the average house price in the UK is £196,305, according to the lender.

Nationwide urged policymakers to build hundreds of thousands of new dwellings to meet growing demand.

"Only 135,000 new homes were built in England in the 12 months to September 2015, well below the approximate 220,000 new households that are projected to form each year over the next decade,” said Robert Gardner, Nationwide's chief economist.

The current rate of construction is “well below” what is needed to accommodate population growth, he said.

The Chancellor doubled the Government’s housing budget this week to £2 billion a year. He said he would find funding to build 400,000 new homes in England by 2020.

The policy was part of a “bold plan to back families who aspire to buy their own home”, he said. Half the homes would be for first-time buyers and sold at 80% of their market value.

Land Registry data showed completed house sales in England and Wales fell by 15% to 74,596 in August this year. The number in August 2014 was 87,895.

The number of houses sold for over £1 million also went down 13% to 1,280 from 1,473 the year before, following the stamp duty leap to 12% for properties valued at more than £1 million.

 

 

 

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0 #3 Peter Booker 2015-11-28 09:04
"Nationwide urged policymakers to build hundreds of thousands of new dwellings to meet growing demand."

This is the rub, Ed. The policymakers will not build houses. The huge construction combines will require large incentives to build. The area of enterprise which needs a helping hand is the SME building sector. The Chancellor should make cheaper credit available to this sector; such a move would promote housebuilding and would vouchsafe jobs in a part of the economy which is presently in the doldrums.
+2 #2 Emma Rodziewicz 2015-11-27 23:18
Quoting Maxwell:
This sort of thing should not be published in Portugal. All selling a property here assume we British, are all millionaires, some maybe are but most of us aren't.

But we will still all get overcharged - cheated, robbed.


I've just spoken with eight others here (south of Portugal - seven properties between us, and the majority of us are what you might describe as British).

None of us felt "overcharged - cheated, robbed."

Could you please provide some verifiable evidence to support your serious allegation? Have you reported your robbery to the police?
-4 #1 Maxwell 2015-11-27 19:30
This sort of thing should not be published in Portugal. All selling a property here assume we British, are all millionaires, some maybe are but most of us aren't.

But we will still all get overcharged - cheated, robbed.

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