A report called South East: Broken Market, Broken Dreams revealed not even half of the homes needed have been built in the last few years, causing house prices and rents to rocket. It explains that if current building levels continue, the region will face a housing shortfall of over 400,000 homes in the next 20 years, which is just under the total number of households in Birmingham.
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The current lack of supply and growing demand has caused the average house price to soar to just over £290,000; in areas including Guildford, Waverley and Windsor and Maidenhead it is over £400,000. Elmbridge is the most expensive, with an average house price of almost £650,000.
Rob Warm, Head of External Affairs for the National Housing Federation, said: "Our shortage of affordable homes is leaving thousands of people desperately struggling to keep up with spiralling housing costs.
"The housing crisis in the South East has been more than a generation in the making so short term initiatives aren't going to fix it for this generation, or the next.
"We are calling for the next government to commit to ending the housing crisis within a generation by publishing a long-term plan for housing within a year of coming into power."
(CD/JP)
