Unprecedented planning delays and additional costs facing housebuilders for environmental mitigation — which would be more appropriately directed at those using fertilisers — are also negatively affecting the supply of lower cost new homes.
Irrespective of the issues with mortgage affordability, house prices are already showing signs of increasing.
With less homes being built, there has been a marked impact on the rental market.
Due to the difficulties vying first time buyers are encountering to obtain a mortgage, the sales rates of the PLC housebuilders — who have largely depended on them — have suffered.
To counter this, there have been a number of sizeable deals into the BTR sector.
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With the Renters Reform Bill seeing some private landlords sell up, I fear hardworking people could see pricy BTR blocks as their only option.
The current market conditions could result in three to four national landlords become an overly dominant oligopoly and able to collude to overinflate rents.
Even if Jeremy Hunt implements changes to the income tax thresholds, hardworking younger people are more trapped than ever as renters, because mortgage deposit payments are still so hard to save for.
Affordability and fairer access to the housing market must be addressed in the Autumn Statement.
Wavensmere Homes is constructing three major urban regeneration schemes, located in central Birmingham, Derby city centre, and Ipswich, and has five further projects in the immediate pipeline.