"The need for new homes was out of sync with supply even before the credit crunch took hold, and the impact of the slow sales market has severely damaged output, putting home ownership further beyond the reach of many.
"While there are some very competitively-priced properties available in the new homes market, the prevailing lack of mortgage finance has prevented many first-time buyers from making their first purchase.
"House prices are showing strong signs of stabilising, and with housebuilders now having to contend with an imminent supply shortfall, there is a growing concern that housing will become less affordable.
"Developers are doing what they can to maintain a balanced supply of new homes, but property types with the most pressing demand such as affordable family houses, may once again be forced to make way for higher density schemes if greater efforts are not made from government and financial institutions, both to support production and boost sales to first-time buyers in the current market."
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