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1 million: The UK housing shortfall

Posted by: In: Real Estate 26 Mar 2014 Comments: 0 Tags: ,

Photo: Steve Sawyer

The figures from the HBF arrive one decade on from the seminal Barker Review of Housing Supply, conducted for the then Labour Government, which found that 210,000 private homes would need to be built every year to avert a crisis. 10 years later and an average of 115,000 homes a year have been built, leaving the country 1 million behind target and suffering an even more severe housing shortgage.

Now, 260,000 private housing starts will be required every year to meet Barker’s goal of gradually pricing households back into the market. Indeed, house prices have soared in the past year thanks to pent-up demand being released into the market through the government’s Help to Buy scheme – with not enough stock to meet it.

More than a quarter of a million homes per year would still only be enough to keep the housing market afloat: to actually improve it would require 320,000 private sector starts per year – three times the number completed in 2013 and a figure achieved in only four years since World War II

“Since [The Barker Review], successive Governments have failed to pay heed and develop policies to deliver the homes the country needs,” Stewart …read more

Source: The Movechannel



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