Report details shortfall in UK housing market
A new report has highlighted how the UK must improve investment in the housing market to provide affordable homes.
New research from the National Housing Federation, the G15, and Homes for the North has suggested the government must look away from private investment in the housing market to reach its goal of 300,000 new homes. The report also showed that issues such as Brexit and the end of the Help to Buy Scheme could also affect the rate of development.
As the housing market currently stands, housebuilding may have to increase by a third in order to reach the 300,000 a year target and make up for the end of the Help to Buy Scheme. Government funding for affordable housing has fallen from 50% of building costs before the financial crash to just 12% today.
Kate Henderson, chief executive of the National Housing Federation, said: “This research shows that relying on private developers to end the housing crisis is fatally flawed. Without Government investment in affordable housing, it just won’t be possible to build enough homes to ensure that everyone can have somewhere stable and affordable to live.”
“If we are serious about ending the housing crisis, the Government must do the right thing and invest in affordable housing at the upcoming spending review. Doing nothing is simply not an option.”
The findings in the report suggest that increased government funding will add to, rather than reduce, private investment in housing. It also calls for collaborative work between the private sector, councils, and housing associations. The report recommends greater use of long-term funding strategies such as the partnerships lead by Homes England and the Greater London Authority.
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