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Builders required to deal with “severe property supply problem

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Builders in Inverness and other locations around the UK could be required to help solve a desperate lack of available housing in the country. Peter Bolton King, chief executive of the National Federation of Property Professionals, explained there is currently a “severe property supply problem” plaguing the nation. He suggested that it has become difficult for construction experts to undertake significant projects. “We are not building anything like the number of properties that we need – whether that be new homes, refurbished or brownfield sites,” stated Mr Bolton King. A lack of building is having an impact on people such as first-time buyers, who are finding it more difficult to secure mortgages – a problem that could be eased with greater supply. The Federation of Master Builders recently predicted that demand for new homes in the UK will outstrip supply by some 500,000 units by 2015 – a total that is equivalent to the city of Birmingham.