The property market must work for all

Getting on the housing ladder is difficult at the best of times and for many on benefits or in the itinerant, low-wage economy it can feel like the impossible dream.

New evidence from the sector shows that demand for housing stock in Dundee is outstripping supply.

That equation is good news for householders and those looking to sell, but bad for those hoping to secure their first home or move up the property ladder.

While it would be a stretch to term what is happening a property bubble, we should be cautious about ordinary, working people being priced out of the market locally.

Good-quality housing is not easy to come by, but it impacts on every aspect of life, from education to jobs and to long-term prospects.

In Fife, many East Neuk properties are now second homes for the rich and are only inhabited part-time.

It is not a new phenomenon, but when homes in small, tight-knit communities are unoccupied and locked up for large parts of the year then there is a significant knock-on effect on the local population.

A property market that only works for those with cash in their pockets – or significant equity in their homes – does nothing to flatten the inequality curve.

It is heartening to see efforts being made by local authorities – through planning and direct investment – and housing associations to improve the quality of the social and lowcost housing stock available to those looking for homes for their families but without the means to buy.

Sadly, many of those same people are in-work and earning a wage but are still unable to escape the neverending cycle of renting, where money going out the door does not equate to the building up of a capital asset that can help provide security later in life.

Property is a hornet’s nest of vested interests, with the market skewed in such a manner that there is no prospect of a level playing field for the haves and the have-nots.

That is why the delivery of quality social housing, the easing of the path for new private development and a focus on giving aspiring home owners a leg-up must be a priority of whichever party forms a government next month.