The shortage of new apartments in UK will reach 1 million. by 2022, as the problem of imbalance of supply and demand continues to grow. The construction industry in England has not matched the growing demand, which is primarily formed due to the growth of the population.
Currently, the shortage of property in England is more than half a million new objects, however, the prognosis is not good and the situation is unlikely to improve in the next five years.
Analysis conducted by the Agency Search Acumen, which used data from the National Statistical Office shows that, in spite of the total housing shortage in England is enough brownfield land to solve the housing problem. The Agency conducted its research based on data on birth, death and migration of people and comparing these data with the number of housing under construction in England. The excess of demand over supply for the first time, began to emerge in the mid 90-ies, when the population growth for the first time in 30 years has exceeded the pace of construction. The situation is exacerbated by the fact that decreased average family size of 2.78 persons in 1976 to 2.34 in 2016.
In the run-up to elections in 2016 and the conservatives and labour promised to solve the housing problem, increase the pace of construction. However, the current pace of construction only covered the current deficit, not taking into account population growth. Thus, within 5 years the deficit could reach 1 million housing units.
Meanwhile, the Agency, in terms of those statistics, found that in England there is a 31000 hectares of abandoned land that could be used for the construction of houses and meet cumulative demand for housing. The company concluded that the solution of the housing problem – a problem which can be overcome if the forces of the government and companies is not the solution.
® Alice Morgan. 03.10.2017 G.
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