Key Points: The Housing White Papers

The Government has released their most recent housing white paper in which they outline their strategies for improving the UK housing market.

It has been widely reported that there is an increasing supply and demand issue for housing in the UK and the continuing rise of house prices has created a property market that is more reliant on rental accommodation with each passing year.

While the government would ideally like to increase the number of homeowners in the UK, the focus on the white paper leans more towards dealing with the demand through a variety of options such as the private rented sector and the build to rent sector.

With the population expected to grow by 10 million by 2042 the government wants to ensure that property developers provide more new and affordable homes for rent by making build to rent a key focus of their strategy and a strong focus on “family friendly” tenancies of three or more years.

Although the development of more rental accommodation is considered vital, there will still be continued support for those looking to buy a home through the Help to Buy scheme and lifetime ISA’s, along with the construction of starter homes which begin this year, and aim to provide first time buyers the opportunity to get on the property ladder at a discounted price.

The white paper also speaks about the changes being put into place to speed up the delivery of new homes by reducing the length of time between planning permission and the start of construction and cutting down on land banking, as councils will be allowed to apply more pressure on developers to begin construction on any land they own.

It was also revealed that sites located in the inner cities with good transportation links will be targeted more for residential development, and through the &3bn home building fund diversity in the housing market will be encouraged by supporting smaller builders who embrace innovative and efficient house building methods.

Overall, it is clear that the objective of the Government strategies is to restore some balance to the market by meeting the increasing demand for rental accommodation, which in turn should create a property market that is also more affordable for prospective buyers. As for investors, with the Government viewing the build-to-rent sector as the solution to the housing supply crisis, it may be time to consider investing in BTR, as the Governments support for this sector looks set to grow over the coming years.

Categories: Local Events

Published in: The Key Points of the Housing White Papers, A Beginners Guide to Renting, Plus More

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