The U.K. faces a housing shortage of about 1 million homes by 2015, with London worst hit, as construction fails to keep pace with the growing population in the south of England, Savills Plc (SVS) said.
The shortfall was about 344,000 homes last year, the U.K.’s largest property broker said today. At the peak of the last housing boom in 2006, demand outstripped supply by an additional 60,000 homes each year. That number will increase to as much as 150,000 this year, Savills estimates.