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ARE THE UK GOVERNMENT ABLE TO HIT ANY OF THEIR HOUSING TARGETS?

2019 is coming to a close but the UK housing crisis is still showing no signs of abating. As more and more people struggle to get a foot on the housing ladder, we are in increasing need of more affordable homes across the country. The Government famously announced plans to provide 200,000 new homes for first-time buyers, as well as an increased focus on providing affordable homes, but have they delivered?

In short, no they have not. New figures released this month state that just 60,000 affordable homes have been built in the past year while there has been no change at all in the provision of social housing over the past decade.

Marc von Grunherr, director of Benham and Reeves, has stated that “affordability is an issue not just in the London market but nationwide and an issue that is largely exacerbated by a failure to build more homes at all levels to keep pace with a growing population and an increase in buyer demand.

If we’re going to alleviate some of the strain on the market we must build more and this, in turn, will help boost affordability.”

Similarly, the Government’s plans to build 200,000 new homes for first-time buyers has amounted to no new homes being built. The 200,000 homes were earmarked for development as a part of the Government’s “Starter Homes” initiative and were to be sold at a 20% discount to first-time buyers and those under the age of 40.

In 2015, £2.3 billion was pledged to support the delivery of the first 60,000 homes, and between 2015 and 2018 the Ministry of Housing, Communities and Local Government (MHCLG) spent almost £174 million on acquiring and preparing sites for the development of these starter homes – however not a single new home has been built.

While the number of new homes being built clearly needs to be improved, there is also a need for more suitable land to be identified for residential development.

At Intro Crowd, we give qualified investors the opportunity to collectively fund the purchase of strategic land sites across the country. These sites are greenfield in nature and have no prior history of development having been used for agricultural or leisure purposes previously.

These sites are located close to, or within, existing settlements and will typically have good road access as well access to local amenities such as shops, schools, medical care and public transport facilities. This makes them sustainable in nature which is often attractive to house builders.

Once the sites are fully funded via our bespoke online platform our experienced planning team will take them through the planning process and, if successful, will aim to sell them on to a house builder for residential development.

To learn more about anything mentioned in this article, or to learn more about Intro Crowd and what we do, please do not hesitate to contact us via telephone on +44 (0)20 7118 4040 or via email at incrowd@introcrowd.com

This article is for educational purposes only and does not constitute investment advice. This article does not amount to an invitation or inducement to buy or sell an investment nor does it solicit any such offer or invitation in any jurisdiction.

In all cases, readers should conduct their own investigation and analysis of the data in the article. Readers are strongly encouraged to seek independent legal and financial advice when considering an investment in strategic land. All statements of opinion and/or belief contained in this article and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Intro Crowd’s own assessment and interpretation of information available as at the date of this article.

No responsibility or liability is accepted by Intro Crowd for reliance on the contents of this article.

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