The current housing shortage in the UK has been developing since WW2.Mass produced housing, to home the destitute after the war, meant then as a temporary stop gap lasted more than 50 years creating many social and urban decay scenarios,Since then burgeoning populations, reduced house production and increased house pricesare amongst other factors that have resulted in fewer homes available to buy and rent, further driving up prices, and pushing home ownership further away than ever before from the next generation.
This paper will look at the various responses the government is taking to diagnose the housing market problems, it will examine some of the key findings and recommendations they are taking tobring house ownership back to the grasp of the masses, it will explore the government’s historical and currentapproach, two important reports ,the Kate Barker review and the SirMontague review both government commissioned, will be examined against the backdrop of this problem and, the findings of those studies, the two reports recommendations in theirvarious forms and the results generated thus far.
Simultaneously this paper will look at the institutional private sectors contribution to the residential market…..or lack thereof, we will look at 3 players delivering large volume contributions to the PRS-albeit in differing capacities in the U.K , and 3 modular house companies of which 2 are international companies contrasted with 1 UK company.
This paper is to be read as current reflection of this very real time problem.
Finally this paper will examine both the government the private sectors approaches and suggest a viable option to circumvent the challenges experienced thus far by both approaches above.
And in conclusion the goal of achieving 1000 000 houses by 2020 will be re-assessed using all the available gathered data in this research project.
REIT Real Estate Investment trust
PRSPrivate rented sector
RENT TO BUY Part of the monthly rental payment goes towards buying the property
JOINT OWNERSHIP the property is jointly owned by two or more owners
GREENBELT undeveloped and protected land generally around cities protecting the environment from urban sprawl.
HCA Home and community’s agency