Stephen Nickell, the chairman of the National Housing and Planning Advice Unit, has estimated that England requires almost 3.5 million new homes by 2020 if property is to become affordable to first-time buyers.
He urged builders not to focus on the short-term negativity in the market but to concentrate instead on long-term construction goals for the sake of communities and future generations of homebuyers.
Mr Nickel said demand in the south is the most urgent, with 486,200 homes needed in the south-east by the end of the next decade to meet demand.
"It is vital that planners and decision makers keep an eye on the medium and long term," he remarked.
Earlier this week, a survey by insurance firm Zurich found that 52 per cent of respondents consider property to be a good investment despite tighter lending criteria and falling house prices.
See Also: Property News (6705)
Date Published: 27 June 2008
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