The problem is that the amount of energy you inject into the inductor on each switching cycle is constant. It is determined by the input voltage and the ON time of the transistor. Each time the transistor turns OFF, this energy is dumped into the output circuit. This causes a constant amount of power to be transferred to the output.
Power is equal to voltage × current. If your load doesn't draw much current, the voltage will be high. (Low current × high voltage = fixed power.) If your load draws a lot of current, the voltage will be low. (High current × low voltage = fixed power.)
You need to add components that monitor the output voltage, and adjust the duty cycle of the signal that is driving the base of the transistor, so that the right amount of energy is injected into the inductor to give the output voltage you want.
As the load current varies, the amount of energy you need will vary as well. If the load is not drawing much current, you need to reduce the amount of energy injected into the inductor on each switching cycle, otherwise the output voltage will rise. This is done by decreasing the ON time of the transistor, by decreasing the duty cycle of the driving waveform.
If the load is drawing a lot of current, you need to increase the amount of current injected into the inductor, otherwise the output voltage will drop; you need to decrease the duty cycle of the drive waveform.
There are various ways to do this. A good way is implemented in the UC3843 current-mode controller IC which is available cheaply from Digi-Key and other distributors. It is made by several manufacturers. The data sheets are:
http://www.ti.com/lit/ds/symlink/uc2845a.pdf - Texas Instruments / Unitrode (the original designer of these devices)
http://media.digikey.com/pdf/Data Sheets/ON Semiconductor PDFs/UC3842B.pdf - ON Semiconductor
http://www.st.com/web/en/resource/technical/document/datasheet/CD00000966.pdf - STMicroelectronics
http://media.digikey.com/pdf/Data Sheets/Fairchild PDFs/UC3842A,UC3843A.pdf - Fairchild
The UC3843 is designed to drive a MOSFET, not a bipolar transistor. It is also normally used in isolated flyback converters, but can be used in this circuit.