What does the UK need to do to fill the Housing gap?

The United Kingdom is currently facing a significant housing gap, which has resulted in a severe shortage of affordable homes for many citizens.

Recent research has revealed a £4.4bn annual housing funding shortage needed to address the UK’s housing shortage.

This issue is not only affecting the ability of individuals and families to find a suitable place to live, but it is also impacting the economy and society as a whole. This article will discuss the housing gap, what needs to be done to address it, and what takeaways can be drawn from this ongoing problem.

What Is the Housing Gap?

The housing gap refers to the difference between the number of homes needed to meet the demand of the population and the number of currently available homes. While the London mayoral authority has already invested more than £4bn towards this aim, the capital will still fall short of almost 43,000 homes in the five years.

This gap has been growing in recent years due to a combination of factors. For instance, the growing population, a lack of new housing construction, and rising house prices. As a result, many people are struggling to find affordable homes, leading to increased homelessness and housing insecurity and demand for rental properties.

What do we need to move forward?

To address the housing gap, several actions need to be taken. One of the most important is to increase the number of new homes built. This can be achieved through various measures, such as offering incentives to developers to build more homes, relaxing planning regulations, and investing in public housing.

Researchers also suggest that we must address modern construction methods' performance to make homes more affordable, such as introducing better home efficiency. This will not only help reduce energy costs for residents, but it will also help reduce the UK's carbon footprint. Furthermore, the government should also consider implementing policies to make it easier for people to purchase homes. For example, providing more affordable mortgages and reducing the cost of stamp duty.

Takeaways

The housing gap is a significant problem impacting many people's lives in the UK. To address this issue, the government must take action to:

  • Increase the number of new homes built by relaxing planning and incentivising the use brownfield sites
  • Use more off-site building technologies to speed-up building and lower cost
  • Improve the energy efficiency of existing homes making them more affordable to run

    • In addition, from the rental market perspective, using free periodic inspection software and other tools also helps keep rental properties in tip top shape and make the rental process more efficient. Use of technology in the building, buying and rental process will surely help grease the wheels making a positive contribution to supply and affordability.

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    Dan, 24 February 2023
    What does the UK need to do to fill the Housing gap?

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