Housing is entering the awkward teenage years of the 21st Century.

The housing market is currently in the spotty teenage years of the 21st century - we have low interest rates, affordability is high, but the market is still depressed - so what is the problem?

This is the question that Yolande Barnes, head of Savills Residential Research posed to delegates at the Chartered Institute of Housing South West Housing Event held in Torquay last week.

The problem she explained is one of a lack of availability of credit - mortgage finance is suppressed meaning those with equity are becoming more and more important to the UK housing market. "We now have a split situation with equity haves and equity have-nots. It's not affordability that is the issue in the UK housing market it's accessibility. The average age of the first time buyer in the UK is now 39 years" said Ms Barnes.

This new housing crisis will affect people with reasonable incomes but a lack of equity. Renting will become as important to the UK housing sector as it is in many European countries with increasing numbers forced to rent property into their late 30s early 40s. Shared ownership could also become a very popular option with those buyers who have the affordability but no equity to raise a much needed deposit.

Ms Barnes urged the housing sector to develop new types of homes - proposing build to let in totally integrated communities where there is a sustainable community with businesses, shops, builders yards, funeral parlours, schools and churches.

Notes for Editors

If you would like more information email gill.wordsmith@ntlworld.com or call 01202 466527/07989 720554.

The CIH South West Housing Event took place at the Palace Hotel in Torquay from 14 - 16 April 2010.

The Chartered Institute of Housing (CIH) is the professional body for people involved in housing and communities. We are a registered charity and not-for-profit organisation. We have over 22,000 members – both in the public and private sectors – living and working in over 20 countries on five continents across the world. Our members work for local authorities, housing associations, Arms Length Management Organisations, Government bodies, educational establishments and the private sector. Many tenants and residents are also members. We exist to maximise the contribution that housing professionals make to the well-being of communities. Further information is available at: www.cih.org.

(Issued on behalf of the Chartered Institute of Housing by Gill Smith)