Barker bites UK housing market

More than 120,000 additional houses are required annually if the UK is to bring long-term house price inflation in line with the European average – a must if the UK and eurozone economies are to converge successfully Barker says. By comparison there were and estimated 125,000 gross completions in 2002-3, Barker notes. At least 70,000 additional houses are required annually if the current 2.4% long-term inflation rate is to fall to 1.8% - or roughly in line with the government’s consumer price inflation target used by the Bank of England to set interest rates. The current state of th...