Too few homes and too high prices, say buyers

A survey conducted on behalf of Rightmove comes out with predictable results - the two biggest problems facing would-be buyers are the sheer cost of homes on sale, and too few of them being on the market in the build up to the May 7 general election. 

The survey of 1,418 people conducted earlier this month shows that the single biggest concern among home-hunters is that house prices are too high (38 per cent), with a lack of choice in the market coming in second (17 per cent).

The next biggest concern was over rents - they were too high according to 11 per cent.

A shortage of affordable homes, difficulties in securing mortgages, and the risk of buying where new house building would diminish the enjoyment of an area were the next most common problems cited by respondents.

The most recent Rightmove house price index this week reported an all-time high in asking prices of £286,133, as transactions diminish ahead of the election. 

“Failure to meet house-building targets to match forecast housing demand has been a major factor in upwards price pressure both in the property sales and private rented sectors” says Rightmove commercial director Miles Shipside.

“Over the next five years politicians of all stripes can’t just hope that this problem will go away – Britain needs more homes, and over the long term, investment by landlords will only provide places to live as quickly as those homes are given planning permission and completed” he says.