There are not enough houses being built in the UK to match demand, according to the National House-Building Council (NHBC).

Richard Tamayo, commercial director at NHBC, said that the number of homes built in 2011 was roughly the same as 2010's figures.

"That might not sound like a bad news story but given a slightly longer context we're currently building across the country about 65 per cent of what we were building only four years ago," he explained.

"Even four years ago, we were not building enough homes to meet the needs of the growing UK population."

The impact of this is that house prices remain high, which, along with first-time buyers unable to secure a mortgage, means that for many people, owning a home will be impossible to achieve.

"[When you] exclude the bank of mum and dad, people are actually saving for their own deposit," Mr Tamayo added.
"The average age of a first time buyer now is up to the late thirties. It is something like a decade later than it was only ten years ago."

Posted by Fiona Mayers

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