England: 340,000 New Homes Needed Yearly
Much has been said about the chronic shortage of Englands housing market and a new report says that England is in need of 340,000 new homes per year. Estate Agent Today reports that one in seven persons are ' living in unaffordable, insecure or unsuitable accommodation.'
Research shows that more than 3.6 million are having to live in overcrowded housing with 2.5 million unable to meet the demands of rent and mortgages. An additional 2.5 million of adults are living with their parents due to the lack of funds to be off on their own. One of the main components of the overcrowding is due to younger potential home buyers who want to get on the property ladder but also lack the money.
The ongoing problem of social housing demand has 3.6 million people on the governments waiting list throughout Britain. This has called for 340,000 new homes be provided every year with 145,000 being social housing according to analysts at the National Housing Federation (NHF).
The NHF along with Shelter, Crisis, the Campaign to Protect Rural England and the Chartered Institute of Housing are calling for £12.8 billion for new housing investments-every year for the next 10 years.
NHF Chief Executive Kate Henderson tells Estate Agent Today:
“This crisis cannot be solved by tweaks around the edges of the housing market. What we need is a return to proper funding for social housing, to the levels last seen under Churchill. Investing in housing is a win-win for the government - it would bring down the housing benefit bill, provide everyone with a secure and stable start in life, and kick start an economic boom creating thousands of jobs”