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House prices to quadruple warning

Words: Huw Morris
House price inflation image

Average house prices could quadruple to £900,000 within 20 years unless England commits to a radical programme of house building.

The warning comes in research by housing charity Shelter and KPMG, which says England is building less than half of the 250,000 new homes year needed to keep up with demand. It claims house prices will quadruple by 2034 if current trends continue.
In Building the homes we need (pdf), KPMG and Shelter call on politicians to:
• release infrastructure spending to unlock stalled housing sites
• set up a "help to build" scheme, using government guarantees to help small builders access the market
• introduce a national housing investment bank to finance affordable house building
• give towns and cities the power to build homes their communities need.
KPMG's head of corporate affairs Marianne Fallon said: "For many people, particularly those in their 20s, the aspiration of owning their own 'castle' is fast becoming a fairy tale. We also know, as an employer of 12,000 people, that an unstable housing market affects our ability to attract and retain talent."