THE HOUSING SHORTAGE

Otago Daily Times, Issue 18141, 12 January 1921, Page 5

THE HOUSING SHORTAGE

MORE ACUTE IN SIX MONTHS. (Thom Oub Own Correspondent.) CHRISTCHURCH, January 11. A leading Christchurch house agent expressed the opinion to-day that in six months’ time the housing shortage would be more pronounced than ever, because very little building _ was in progress; the high cost of materials and financial stringency stopping a lot of speculative and other house building. Following the usual “ quiet ” months of November and December, inquiries for houses for sale are again numerous, and the harvesting once over, farmers who propose to retire will be buying houses in the city to get settled before the winter. There is little prospect so far of a drop in values. Buying to sell again early at as large a profit as possible has practically ended, owing to the scarcity of wholly cash purchasers and the difficulty of arranging finance. For houses to dwell in there is a real demand, and sufficient of such homes are not obtainable. Prices have not fallen, but usually sellers have to leave more of the purchase money on the first or second mortgage than was the case a year or so ago. Buyers are now loss able to pay cash or leas willing, the effect of the recent pessimistic utterances about the dominion’s prospects and finances being a cause of the symptoms of “cold feet.” Houses to let are still extremely rare, and the rents asked for » few that become vacant naturally reflect tlhe shortage.