Everyone agrees that we need to construct more houses. But improving supply involves more than simply building more homes; it also entails figuring out how to utilise the stock we have.
The housing market is inefficient; around 70% of all owned residences are now under-occupied, according to the most recent census statistics published earlier this month. While stamp duty is a significant obstacle for families trying to climb up the housing ladder, empty nesters are discouraged from downsizing.
The end result is a lack of typical homes for first-time buyers.
It really matters to provide people with good housing. Owners that are less likely to live in cramped or damp conditions, move less frequently, and feel more at home in their neighbourhood.
The frustrating issue is that the UK is underusing its current housing supply even if the rate at which new homes are constructed keeps dropping. There are approximately 670,000 vacant properties in England, and this figure doesn't appear to be going down any time soon.
So, what can be done to improve our current housing stock? The government’s number one priority should be re-purposing and retrofitting our existing stock of housing.
In many cases all that is needed to make the house habitable again is a few basic upgrades. Recent estimates show that the average empty home only requires £20,000 spending on it to get it back into use.
They are urging the development of a new national policy on vacant houses as well as a national fund to assist councils in reusing tens of thousands of long-term vacant properties through a locally tailored grant and loan scheme.
These changes in the housing market could present some great opportunities for buyers and sellers alike. If you have any worries about how it may affect the property industry, please let us know and immediately we will assist you with professional advice, and we here at Property Hub wish you the best with all you future endeavours.
If you have any questions, please speak to Sachinkumar Gupta of Property Hub Ltd.