There. is. no. housing. shortage.
There are approximately 50,000 unsold new homes For Sale at the moment.
It’s well documented that developers drip feed stock to the market to maintain prices, so the true amount of unsold new homes will be significantly higher.
They’re currently under investigation by the CMA for anti competitive practices.
The volume of unsold second hand homes for sale is the highest in 8 or 12 years depending on whose data you use.
Mortgage rates are low, lenders are flooding the market with offers, 6 x salary etc, so there’s nothing standing in the way of people buying.
There are also between 750,000 and 1.3m officially vacant long term empty homes available to be incentivised back into circulation.
THERE IS NO HOUSING SHORTAGE.
It’s a myth peddled by house-builders, challenged by no one and believed without question by everyone including politicians.
Yes, there is a shortage of homes for sale at prices that people can afford.
Or, there’s a shortage of money, not houses.
It’s not a housing crisis, it’s a cost of housing crisis, but that uncomfortable truth doesn’t suit the major vested interests who need to keep pumping prices to stay in business.
It’s a mess.