Observers and experts suggest that several measures must be adopted to fix the UK housing market. The government’s approaches to fixing the sector will not work alone. Although the demand for new houses in the UK continues to grow each day, the number of new homes has continued to grow at a slower rate. As a consequence, the price of properties continues to skyrocket at an alarming rate. Several mitigation measures can help all the key players in the field to fix the housing problems:
1. Targeting Both Ends of the Market
An expert from Audley Retirement, Katherine Rose, observes that under-occupied family properties also escalate the current issues. The bigger family homes need to be filled first. Research shows that over 30%of the homes are occupied by those aged between 50 and 69. The government must ensure such citizens have options to downsizing.
2. Scrapping VAT on Renovations
Carol Prett, another observer, and expert from Wales Property Finders notes that extension and renovation attract the full 20% rate. New builds come with no VAT. Therefore, zero-rating renovations and extensions would remarkably revolutionize the industry. Advising homeowners to extend their living space would substantially resolve the housing shortage problems. Such strategies would also benefit other traders and builders such as plumbers and electricians.
3. Appointing an Ombudsman for Homeowners
Paula Higgins from the Homeowners Alliance suggests that poor quality homes remain one of the primary drivers of building more residential properties. Therefore, a dedicated Ombudsman would offer real support. Some homeowners who have joined the alliance more often file complaints with the agency after purchasing new homes. An Ombudsman would provide a long-term solution to the problem.
4. Reforming the Entire Planning System
Another observer from Fizzy Living, Harry Downes, explains that the housing market in the UK has been adversely affected by the planning system. The current system hardly meets the urgent UK’s immediate housing needs due to the slow, bureaucratic and outdated framework. The Supplementary Planning Guidance currently used by London should be replicated in the national housing plan to include all essential elements.
5. Cutting the Red Tape
Lawrence Coppen from the Glo Group suggests that the number of red tapes needs to be minimized. Developers spend lots of time before beginning the building work due to too much red tape. The process is marred by many schemes that only help to delay the process of building new homes.
6. Empowering the Small Builders
Another observer and professional from Property Hub, Rob Pence explains that healthy competition between builders lacks in the housing sector. New developers struggle with funding while the well-established developers continue to dominate the market. The trend reduces the competition and elevates the housing shortage problems. Therefore, small builders should readily access finances so as to compete with the big developers.
7. Building Different Types of Homes
The current state of technology and the unmatched need to save space requires the UK builders to shift from the traditional brick and motor design and embrace other modern designs. Rahul Nahar, from Xrbia, suggests that there is a need for developers to focus on micro homes. Such designs are community-focused, technologically advanced, and environmentally friendly.
8. Training More Tradespersons
Kevin McCloud, a famous TV presenter, and Design expert affirms that there is a need for home designers and developers to invest more in training before building the new homes. Such efforts would help housing development firms to build up a highly-trained workforce with the necessary skills to meet the high demand for new homes. The quality of homes should never be overlooked by home developers.
The housing shortage in the UK requires the key players and experts to work in close collaboration with the government to address the issue. The eight alternatives listed above could dramatically revolutionize the housing sector in the country. Modern designs and quality homes should remain a top priority when developing and implementing a robust housing plan.
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