Simply a shortage of ''affordable homes''

The housing shortage in the UK is an urban myth because there is only actually a shortage of affordable homes, according to one property expert.

Paul Holmes, the spokesman for first-time buyer advice site Firstrung.com, said that this shortage has been caused by feverous speculation over rising house prices.

This was caused by an increase in money supply from people who have cashed out in order to protect the profit they have already made.

Mr Holmes said: "According to recent findings approximately 50 percent of new build flats lie empty in certain cites such as Manchester, bought up by speculators who are after quick returns.

"This is a disgraceful waste of valuable resources."

He added that there are an estimated 750,000 dilapidated homes lying empty in the UK which shows the mismanagement of housing stock in this country.

This comes as a recent YouGov survey showed that about three million people in the UK are planning to move home before this July, which is expected to put more pressure on housing stock levels.


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