Large-scale Investments to Tackle Chronic Housing Shortage

Large-scale Investments to Tackle Chronic Housing Shortage

As housing demand outstrips supply, the UK faces a chronic housing shortage. Consequently, the government has injected £20bn into affordable housing. This is the single, biggest investment in new homes, in England’s history. The funding, aims to tackle the issue of housing shortages.

Official statistics show nearly a quarter of a million homes were delivered in 2019. A record-breaking level since 1987. According to the statistics, 2020 marks the 7th consecutive year home delivery continues to rise. This is evident data received from the British Property Federation (BPF). Reporting a 42% increase in the number of completed Build to Rent (BTR) homes.

Supporting Regeneration Through Redevelopment of Vacant Buildings

Boris Johnson announced a change to planning permissions. The new rules will prevent future delays in large-scale projects. Therefore, delivering homes at a faster rate.

‘Project Speed’ will provide greater freedom for building and land in town centres. Under the new regulations, builders no longer need a normal planning permission. This is applicable if vacant residential and commercial buildings are demolished and rebuilt as homes. The project supports regeneration through redevelopment of redundant buildings. It will also reduce the pressure to build on greenfield land.

With the implementation of a fast track approval process, property owners will be able to build additional space above their properties. This is subject to neighbour consultation.  The new scheme hopes to boost housing density. Project speed will accelerate planning permission by removing inefficiencies, allowing more dynamic project development.