“The housing market picked up momentum again in July as we saw record numbers of first time buyers entering the fray assisted by the help-to-buy scheme and increasingly competitive mortgage deals. The pace of growth has picked up all around the country which is fine if you’re an existing owner but really piles on the pressure for those still wanting to buy a property. I sense that there is a growing sense of urgency among borrowers that they need to get on the housing ladder now or miss the boat altogether.
“What we really need is a meaningful number of new properties added to the supply side to satisfy extra demand without house prices being squeezed up to what I believe could be unsustainable levels. It’s hard to see that London properties can continue to grow by over 19 per cent a year for much longer, and even if they do, it means that only the very richest residents will be able to afford to buy a property. We are in danger of becoming a nation of landlords and tenants within just a couple of generations.”
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Notes to Editors:
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