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Property demand and supply by ranjith varma
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Property demand and supply |
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Business
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There are numerous reasons as to why housing supply is not keeping up with the demand. Some of the main reasons for rising demand include improved life expectancy rates, and a growing number of one-person households. There are currently around 1.8 million households on local Authority Housing Registers, and there are significant levels of overcrowding in both the private and social housing stock. The supply of social housing has been supported through the Government in the form of accelerated and increased funding as poor housing could impact directly on the resident’s health and educational attainment, and sustainable and high quality housing is therefore highly in demand. Over the past few years, property prices have decreased considerably. And although lowering property prices may have seemed like the first step, the property prices have been accompanied by tighter lending criteria, (often in the form of larger deposit requirements) and therefore the falling prices in recession actually haven’t solved the problem of affordability at all. The only possible way to truly solve the property demand problem is by coming up with a solution which increases the supply, as well as tackles the affordability issues simultaneously. In order to make a profit, house builders have decreased the supply of new housing developments as they will not build homes that they cannot sell. But in order to decrease the demand, house builders will need to increase the supply, tackle affordability issues, as well as improve quality and sustainability of the homes to suit the demand. Over recent years, property developers have worked to increase the variety of new housing developments in their portfolio to supply to a broader range of home buyers. By including a variety of medium-large scale developments in towns, cities, and rural locations, property developers are providing a wide variety of options to meet some of the demand, thereby decreasing it. In order to increase the supply of affordable new new build homes, UK property developers have introduced a variety of schemes to make some of their new homes for sale more achievable for more people. Some low cost home ownership schemes include the ‘NewBuy’ scheme, which enables people to get a mortgage of up to 95% of the purchase price. The ‘HomeBuy’ scheme, which can either provide an equity loan, or shared ownership to house buyers. A special ‘FirstBuy’ scheme enables first time buyers to receive a 20& equity loan as well as a number of alternative schemes, such as the ‘Right to Buy’ scheme, aimed at council tenants, and ownership guides to support citizens working in the Armed Forces. There is currently a large supply of new homes for sale which can be purchased with the help of the low cost home ownership schemes mentioned above. In order to use housing schemes to purchase one of the selected homes for sale, UK citizens are recommended to contact their Local Housing Agent in order to enquire about the specific requirements.
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