In recent years, houses prices in almost every corner of the UK have sky rocketed. For many people on low and middle incomes, even one bedroom flats are now out of reach, with London boasting all ten of the most expensive postcodes in the country.
As demand is vastly outstripping supply, the only way to ease the housing crisis is to build new homes. As long as there is a good percentage of properties in new developments that are genuinely affordable, construction projects across the country will go a long way to easing the housing crisis and helping young people buy a home of their own.
The housing crisis
House prices are now so high that the government has widened the definition of ‘affordable’ homes to include properties worth up to £450,000. As this is around 17 times the national average wage, it’s simply unattainable for many and homeless charity Shelter estimates that most ‘affordable’ properties are now out of reach for 98% of people on low incomes.
The government has already brought in a variety of initiatives designed to encourage new affordable developments and has even commissioned new developments of its own to be constructed on publicly owned land. The aim of these new developments is to create affordable, high quality homes for the people that need them most.
Though most reputable developers go out of their way to ensure their new build properties are up to standard, some construction projects in the UK have come under criticism because of poor standards and cut corners. More often than not, these issues are the result of developers attempting to keep costs low in order to meet affordable housing guidelines.
Though new developments still need to adhere to building rules and regulations, there is a fear that, as pressure to build affordable properties increases, standards will fall.
The construction industry
With so many new developments in the pipeline, the construction industry is set to have one of its busiest years ever. Between 2014-2015, the number of new homes hitting the market jumped 25%, the biggest increase in house building in 28 years.
With demand for new properties still high, installers, builders and other professionals within the industry can expect 2016 to be even busier.
Though we’re unlikely to see a return to truly affordable housing any time in the near future, every house that is completed will go some way to easing the pressure on the market and helping first time buyers purchase a home of their very own.
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