The UK Needs More Than A Million New Homes To Cover Extreme Housing Shortage | Credit Raters post

The UK Needs More Than A Million New Homes To Cover Extreme Housing Shortage

24 Feb 2020
Approx Reading time: 3 minutes
  • According to data, the UK needs over 1 million new homes to ensure everyone in the country has a place they can call home.
  • The housing shortage has impacted those with rented accommodations the most.
  • The government has shown its commitment to closing the housing gap by building new homes.
Available data has revealed that the UK housing market is facing a monumental shortage of over 1 million houses, and this shortage is only expected to increase with the rise in the country’s population. According to BBC Housing Briefing, this shortage is calculated based upon the difference between the number of houses that are currently available and the number that would allow everyone to live in a home. Perhaps the worst-hit from this shortage are those who are living in rented accommodations. In many cases, people have to spend over 33% of their paycheck to rent shared spaces in the Brixton area of south London. Many tenants have also complained about having been evicted without fault, costing them more than approx. £1,000 per eviction. As per the UK government, no-fault evictions may soon be banned in England. A poll conducted for the Affordable Housing Commission with over 2,000 respondents revealed that 13% of British adults are now facing mental health challenges because of the challenges they face with their housing situation. People are finding it difficult to maintain a good quality of life, with many unable to work properly or prepare well to find work due to uncertainty pertaining to their living situation. Experts have highlighted that such conditions are a consequence of a shortage in the housing market. Recent estimates suggest the UK needs approx. 1.2 million more homes at this time to fulfill the gap and to ensure that everyone has a place they can call their own home. However, if homes continue to be built at the current rate, experts estimate it would take approximately 15 years to fill this gap. Findings of the poll also highlighted that over 50% of young Britons aged 18-24 years and 18% between the age bracket of 25-34 years are living with their family at this time. Statistical data published by the government has also highlighted that the number of young Britons who are living with their parents is increasing with time. According to a Ministry of Housing, Communities, and Local Government spokesperson, more than 464,000 affordable homes have been provided by the government since the year 2010, which includes 114,000 social homes. The spokesperson also revealed that there has been a decline of 40% in the waiting list for social housing since the year 2012. The spokesperson has also highlighted that, in 2019, the government provided more homes than it has in any other year over the past three decades. This parliament has also shown commitment to supplying a million more homes over the next few years. According to the spokesperson, the council borrowing cap has also been abolished, allowing local authorities the ability to make more social homes so that an increasing number of families have a safe place to stay.
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Akbar Lashari

Akbar is a talented news editor who follows the consumer finance industry closely and has written for many famous news & educational websites such as Forbes.