England’s chronic home shortage is well publicised. In order to provide more building land, the Government is releasing its own land for development.
But why does Britain need more homes?
Some reasons are listed below:-
Single Occupation In past years, families would live under one roof, grandparents through to grandchildren. Now there is a trend towards single occupation caused by divorce and young people wanting a “pad”. There are also older people who are living in large house and are not of a mind to downsize. This keeps family homes off the market.
Life Expectancy People are living much longer
Second Homes In some areas second homes prevent locals from owning a home of their own.
Immigration Last year, the population is increased equal to a City the size of Wolverhampton owing to an influx of EU nationals entering the country.
Investment Properties The number of buy-to-let properties rose substantially in 2011. This puts upwards pressure on house prices, making them less affordable, whilst removing opportunities for potential homeowners to get on the ladder.
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