UK HOUSING CRISIS CAN IT BE SOLVED THANKS TO ADVANCES IN TECHNOLOGY INNOVATION
UK housing crisis is a problem that involves everyone, and one that needs to be solved sooner rather than later, maybe there is some answers to find at ResiConf.
ResiConf, is the largest property conference in the UK, this year the UK housing crisis was high on the agenda at the conference, Something needs to be done and soon, there is little point sitting around waiting for the government to deal with it, they have been trying unsuccessfully for years.
The demand for housing in the UK gets greater with each passing day exacerbating the problem leaving construction companies and builders unable to keep up with the rising demand. Rising prices and rents are also keeping young professionals and first-time buyers off of the property ladder.
Here is a list below of the top topics discussed at this year’s ReiConf event:
FACTORY-BUILT HOMES ARE ON THE RISE
The subject of modular homes or prefabricated housing was discussed at length at the conference. The types of properties offer affordable housing, are quick to build (assembled at a factory somewhere) and the delivered to the new owner wherever they may be in the United Kingdom.
This idea is regarded by many property experts to be the ideal solution to the housing crisis we currently face in the UK, especially in communities where space is at a premium.
Cheap to build means they can be erected for as little as 80% of the local market value.
PROPTECH A CHEAPER WAY TO MAKE LAND AVAILABLE
The property technology sector is doing their part to help with the UK housing crisis by developing technology. For example software firm Land Insight is obtaining valuable data from the Land Registry and local government to help developers pinpoint potential sites quickly and at less expense than traditional methods.
BUILD-TO-RENT CREATES OPTIONS FOR THE LESS WELL-OFF
There are currently 83,650 build to rent homes completed or in the planning stages across the country.
Build-to-rent could help improve employment mobility for those workers current stuck in the rental trap, as the rising UK house prices keep them from becoming first-time buyers. There are no letting agency fees and rents of more than three years are only increased by inflation, not the landlord.
RENT CONTROLS WILL NOT HAPPEN
It is not enough for many landlords to be happy with the considerable capital growth the large majority of UK properties are experiencing right now, many are taking advantage of the lack of supply and huge demand by constantly putting rents higher and higher.
Rent controls could help thousands to see more affordable rents whilst the housing crisis is tackled.
Conservative MP, Housing and Planning Minister Alok Sharma, called rent controls “Marxist” and vowed that they would not take effect in this parliament. Instead, the government would focus on building more rental homes and completing its White Paper.
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