Many estate agents across the country have joined the calls for the government to step up the process of building more houses.
There has been a significant increase in the number of people looking for mortgages since the general election. This was highlighted by the number of potential buyers that made viewings in May.
This news come shortly after statements made by the BBA (British Bankers’ Association) saying that the UK housing market is “hotting up”.
It is thought that this rise in demand has also been caused by the rise in interest rates that is expected in 2016.
The managing director of the National Association of Estate Agents, Mark Hayward, has stated that this increase in demand for housing should be met with an acceleration of the building of new houses.
“The growing gap between supply and demand is worrying and clearly demonstrates that more needs to be done to plug this,” he said.
“The election was full of promises to build more houses, but now those promises need to be put into bricks and mortar to respond to demand.”
However there are also warnings to homeowners and potential buyers to make sure that they have budgeted adequately for the increase in interest rates.
The CEO of the MAT (Money Advice Trust), Joanna Elson, has stated that:
“There is a real risk that after more than six years of record low interest rates, many mortgage payers are still living in a false sense of security.
“The reality is that they may have a very short window in which to prepare for coming hikes in interest rates.”
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