Britain's housing shortage is currently getting worse and has reached a crisis point where the number of properties on sale is lesser than the number of prospective buyers.
Mark Hayward, managing director of NAEA, said, "Supply is outweighing demand so heavily now that it can't solely be attributed to seasonality."
"It's clear that we're faced with a crisis here: the housing market needs addressing as a matter of urgency," he added.
"If we don't act now, this will impact first-time buyers, second steppers and last steppers, forcing many out of home ownership."
Imagine looking for a property with ten people competing to get it. That's the current situation across Britain. That will go on all throughout the year if nothing is done about it. The year 2016 has offered a huge demand coupled with a lack of supply of the house units. This resulted to a push to higher prices for each of the unit.
Usually, the 10 percent down which is considered a big drop for a house price usually occurs before the holidays. But at the first quarter of 2016, this may not happen. One percent down from the original price is already good enough for a sale. But certainly, it is not more than that.
"More than half of estate agents believe the situation for prospective home owners is only going get to worse thanks to the lack of affordable housing," one report said.
It was also predicted that the house pricing across Britain will rise up to 50 per cent after ten years, which is incredibly high than the normal rating.
Hayward said that everything boils down with well-planning on housing developments to prevent this event to happen again. "It's all very well planning to build houses, but we need to move to action and get and the bricks and mortar on the ground, if we're to solve the crisis we're faced with."
