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4 Ways to Reduce the Housing Crisis in UK

Housing-Market / UK Housing Nov 01, 2021 - 02:00 PM GMT

By: Mark_Adan


Given the house prices are rising by around 3% every year, with the current data revealing over a third of millennials will never be own a home, it is quite evident the housing market is still in a crisis. But are we making a big deal out of this than it needs to? Well, in this read, we are going to take a closer look at ways the housing market crisis could be averted in the United Kingdom.

1. Build More Affordable Homes

While new houses are being constructed every day, if they are too costly for the average person, then they will not help curb the housing crisis. Instead, the government needs to focus on erecting modest and more affordable houses that even the first-time house buyer can be able to save a deposit for.

By constructing affordable homes, more millennials will have a glimmer of hope in getting a foot on the property ladder. This is one of the right steps towards solving the housing crisis.

2. Alternative Housing Options

Some people who cannot afford to buy a house because of the housing crisis are on the search for alternative options. Sheds, shipping containers and even boats are just a few of the options available for affordable accommodation.

However, for these options to be feasible down the line, we have to eliminate the stigma surrounding sheds and containers as places to live. In fact, over 70% of people view them as modular homes, while 41% perceive them to be less durable compared to traditional houses. What's actually an inexpensive solution to the housing crisis is being dismissed as a result of ungrounded assumptions.

In fact, these alternative housing options can help do away with the homelessness problem that has become rampant in the UK. In Bristol, for example, shipping containers are being converted into tiny homes, where the homeless can live. The same is happening in London, where a single project is taking over 200 people off the streets.

3. Reduce Investor Power

Manchester is an example of a city where the housing crisis has become increasingly rampant. There are over 60,000 people living in Manchester City centre and the population is expected to hit 80,000 in the next 3 years. With the skyline constantly changing with more and more high-rise flats, you would think that the city is catering to the demand. However, this could not be further from the truth. In reality, these flats are out of reach for the first time house buyer.

Most of the accommodations in the city prevent first-time buyers with statements such as 'Investors Only'. When you factor in the fact that a 2-bed city center flat goes for about £1,100 per month before bills, it's clear that most millennials cannot afford housing in this region.How are those that require impact housing going to benefit in such a scenario.

A feasible way to help reduce the housing crisis in major cities in the UK is by reducing investor power by allowing first-time buyers a chance to get into the game. This will ultimately help cope with demand.

4. Reconsider Green Belt Land

Green belt is a term used to describe lands that stop the country region from being spoilt and the city centers from being overly spoilt. While there should be regions protected from new developments when you factor in that Surrey has more golf courses than houses, and Greater London's green belt area could accommodate over 1.5 million houses, then there's an issue to solve.

In order to curb the housing crisis, demand has to be met and this implies identifying suitable regions where new and affordable houses can be constructed.

By Mark Adan

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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