You would think that the UK Government has more than enough to deal with at the moment but the launch of a new White Paper, Fixing our broken housing market, outlines reforms that the Government hopes will transform and improve the UK property market. As you’d expect, this has created a lot of initial debate.
One of the biggest issues in the property market is that supply is falling short of demand, and by a considerable margin. There has been a lot of talk about targets and new measures to ensure that more affordable homes would be developed but in 2016, there were only 32,000 affordable homes brought to the market place. That is clearly a failing so it is important that changes are made to rectify this problem.
More builders can lead to more homes
This is one positive area of the white paper and it can only be hoped that the plans to allow smaller builders into the market will come to fruition. The simple impact of allowing more builders to provide homes will help, and while it isn’t going to be an all-encompassing solution, it is a step in the right direction. It is understandable that some people will be wary or hesitant to believe this scheme until it comes to fruition but at this point in time, it has to be seen as a positive step.
The announcement of new thinking on greenbelt policy will also raise concerns and spark debate. This is something that has been very relevant to Stockport and Greater Manchester in recent times. There have been significant protests about plans to redevelop greenbelt areas in Stockport and the local council could face a revolt on this matter. There are genuine objections to building on greenbelt areas but equally, the housing crisis is so strong that there is a need to re-evaluate how we approach property development as a country.
Mark Hayward says: “We are not advocating building on ancient woodland; however, we do believe the greenbelt policy should be reappraised. Let’s not allow objections to building on the green belt help further deteriorate the housing crisis.”
Other areas that need to be focused on include:
- More power to halt unscrupulous landlords
- Increasing the ability for longer-term tenants
- Creating a situation where individual landlords and institutional investors can operate
- Looking at mixed tenure solutions
- Making downsizing more attractive, affordable and suitable
While we wouldn’t claim to have the answers to the UK’s property market problems at Spencer Harvey, we do believe we can help you find what you are looking for. Our skilled and experienced team are always happy to talk you through the local market and if you need guidance, get in touch and we’ll be delighted to arrange an appointment for you.