Although Mr Osborne’s budget announcement this afternoon looked to focus on the positives he and the new Conservative government were implementing, there was one elephant in the room that went unnoticed yet again.

Although the Chancellor of the Exchequer has done a good job in cutting the UK deficit since the last parliament, there are dark clouds on the horizon where the UK property market is concerned.

Founder and CEO of online estate agent eMoov.co.uk, Russell Quirk, commented:

“I am extremely disappointed to see the situation of housing supply remain unaddressed. There is a very real crisis looming. Mr Osborne has worked hard at narrowing the UK deficit, he has replaced it with a massive housing deficit.

The Conservatives are seriously neglecting the issue at hand while at the same time fuelling further demand through a purely ideological approach. There is already a shortfall of 550,000 homes and growing from the last Parliament. Unless George is best mates with David Blaine or Dynamo, I do wonder where he will magic these homes from?

Halifax’s latest House Price Index, released today and on the up, highlighted that supply of housing has continued to drop, yet again. With instructions of new stock continuing to fall for the fourth consecutive month now, it further inflames the severe imbalance between supply and demand in the UK property market.

Meanwhile the continuing economic growth in the UK, low mortgage and interest rates and higher levels of employment might be welcomed overall, but are all contributing to an increasing demand for housing and further pressure on prices. The RICS also recognised this upwards demand trend, as new enquiries from potential UK buyers was at its highest in May since more than a year ago.”

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