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UK housing shortfall now approaching 1 million

"If we ignore this problem and reduce public intervention and investment in new supply of both private and affordable housing, there could be serious social and economic consequences, not least record housing waiting lists and more pain for beleaguered first time-buyers. Further action, such as more land release, support for new entrants in the market and expansion of the private rented sector, is needed to avoid a return to a cycle of housing boom and bust."

TCPA Chief Executive Gideon Amos OBE said: "This report highlights that we must continue to plan to provide the homes our society needs – but we must do so in a sustainable way. In short we need quantity and quality. If we don’t the housing supply crisis, already urgent, will get worse.

"The alternative of allowing housing provision to sink to a new all time low could be storing up even more difficult problems ahead. Planning can play a key part, but we need a package of solutions as set out in this report to get us back to a more balanced housing market. We will be drawing the findings of this report and our agenda for development in the downturn to the attention of all major political parties."

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0 thoughts on “UK housing shortfall now approaching 1 million

  1. Major Landlord says:

    Am I being stupid or naive? But I’m blowed if I can see ANY sign of a housing shortage today, never mind a 1m shortfall by the end of next year.

    What I DO see is considerable over-supply in the rented sector throughout most of the UK, with landlords like me having a very patchy response to ads for vacant houses to let, and extended voids. And a lot of empty houses wearing “For Sale” boards. And a lot of houses for sale at auction with vacant possession. Not to mention a lot of half-finished and unstarted housing developments, where builders have stopped building through lack of demand.

    No, what we have is a shortage of people who can AFFORD the houses that are already available. And that is something very different. You might as well say that there is a shortage of new cars, just because nobody is buying them.

    Unless and until salaries catch up with the house price inflation of recent years (check affordability based on earnings: mortage ratios since 1975, and you’ll see what I mean), this situation will persist. The solution is NOT to leave entire empty streets up North, nor to further strain our infrastructure in the south by encouraging population shift, nor to force-build even more houses on the fields of southern England.

    The solution is to leave the market alone to sort itself out, which it will do in due course, without further government interference and subsidy. If they continue to meddle, they will crash the market again, and much worse than they did with HIPs, and turning a blind eye to lender greed and borrower stupidity. But maybe that’s what they want?

  2. Pauline Neve says:

    At long last someone is commenting with some common sense as a mortgage broker and an individual that has a reasonable number of BTL properties I could not agree more with the comments, add also the fact the migrant workers that do have something to give are returning to their home land thus reducing the need for housing as it is now to expensive here

    We are left with our own population and a large waste of space migrant population that are here for the easy welfare situation

  3. Geoff Hanson says:

    The comments from ‘major landlord’ and mortgage broker make sense – home truths! BUT as a house builder (previously a mortgage broker) I see the article from the standpoint of new supply. The fact is there seems to be very little decent property coming into the market – buyers are falling over themselves and are pushing prices up. The problem stems from our major cultural connection to property ownership…. In a very short time it has gone from being the norm to rent a property to HAVING to own. As a mortgage broker I came across a real sense of entitlement re; owning – whatever individual circumstances were.The rest of Europe (probably the world) sees renting as a hassle free, low cost and flexible option. But boom after boom has made us a population of amateur property speculators….everyone thinks there loadsa money to be made (just have to get the mortgage). So,do we have a shortage of DESIRABLE properties to feed BUYERS’ appetites? Whatever the truth is there’s a mini boom out there in some sectors of the market.
    No doubt there’s still plenty of trouble ahead – probably more so for the BTL ‘landlords’ who bought high. Fasten that seat belt and hold on tight!!