Chancellor warns property shortage will last 10yrs

By Christine Farrell

The supply of houses to meet the demand from buyers in Northern Ireland and the rest of the UK will continue to fall short for another 10 years says Chancellor George Osborne.

Speaking to the House of Lords, Mr Osborne said more needed to be done to address the housing shortage in the UK. He described the problem as an 'historic' one that will take time and increased effort to address. He also defended accusations that the Help to Buy scheme was at risk of creating another property bubble, saying that the recovery from the last property crash is still underway. He added that the Bank of England are being vigilant in respect of the UK property market, and have the powers to "cool the market if necessary."

If you buying a property in Northern Ireland and require a conveyancing solicitor in Belfast to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

If you would like to request a full solicitors fee and costs estimation for a property purchase or sale click here.