More houses must be built if a future housing crisis is to be avoided, Watford MP Richard Harrington has warned.

Mr Harrington, responding to a report from the National Housing Federation, criticised “over complicated planning restrictions” and opposition to new development from existing home owners.

The NHF, which represents housing associations across the country, warned today that a generation of young people risked being priced out of the property market altogether.

Soaring deposit demands and increasingly strict lending criteria, the federation warned, would see homeownership rates plummet to 63.8 per cent in 2021 – down from 72.5 per cent in 2001. Would be first-time buyers, meanwhile, will be forced to pay ever money in rent while they attempt to save for a deposit.

He said: “The figures released today are very worrying and I am fearful that we are facing a housing crisis, with increased social housing waiting lists and an entire generation of people priced out of the housing market.

“At the very crux of this issue is the fact that there are not enough affordable homes being built. Housing construction is at the lowest levels since the 1920s and this has been strongly affected by over complicated planning restrictions and opposition to necessary development.

“Whilst I recognise that people are concerned about the levels of development in their local area, we cannot ignore the fact that there are just not enough homes for people to buy, and if we do not build more homes the situation can only worsen.”

Mr Harrington reaffirmed his faith in the government’s National Planning Policy Framework, which aims to simplify the current process and clear the way for new developments.

The system of top-down regional targets favoured by the previous Labour administration has also been scrapped. Local authorities, which are responsible for issuing planning consents, will now be incentivised to allow more building projects.

What do you think? Have you given up on the dream of owing your own home? Has your rent been increased? Let us know by commenting below.