Housebuilders are too focused on building homes at least three bedrooms – and more needs to be produced with first-time buyers in mind.
That was the message from Richard Donnell, insight director at Hometrack.
The property investment firm found that three quarters (75%) of new build comprises of homes with at least three bedrooms, while currently two thirds of private housing has at least three bedrooms.
Donnell said: “There is a lot of focus on delivery total numbers but much more focus is needed on the profile of existing supply and how that impacts pricing and liquidity.
“The government is right to target more supply but we should be looking to drive supply into the ‘pinch points’ of the market – homes for first time buyers and those looking to trade down the market.
“This is the quickest way to supply homes that are in most need and start to make housing more affordable for a wider group of households.”
Chancellor Philip Hammond vowed to build 300,000 new homes per year yesterday ahead of Wednesday’s Autumn Budget.