You are here: Home - Mortgages - First Time Buyer - News -

Affordable home supply creeps up

0
Written by: Lana Clements
23/11/2018
The number of affordable homes completed in England rose by 12% during the previous financial year, official figures have shown.

This brought the number of completed affordable houses up to 47,355 over the 12-month period, according to the Ministry of Housing, Communities and Local Government (MHCLG).

At the same time, the proportion of new-build completions deemed affordable homes edged up to 24% during the 2017-18 financial year, up from 23% the previous year.

Overall, 90% of affordable homes delivered in England were new builds.

The number of affordable home starts also increased, up by 11% to 53,572. This means there is likely to be an increase in completions over the coming years.

Affordable homes for rent is the most common tenure for homes coming to the market, accounting for 57% of properties.

Government must prioritise

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Affordable housing provision is absolutely vital and one of the very few issues where the political parties are in agreement.

“Not only do we need more housing across the board but also more affordable housing.”

Leaf notes that the figures suggest that we are moving in the right direction, but because they are historic he says it is difficult to get an accurate handle on current trends.

“Every city needs more affordable housing but we need a much bigger increase to current supply levels in order to make a meaningful difference.

“The need is getting even greater as household numbers rise and property becomes less and less affordable, particularly for younger people who are struggling to get on the ladder,” he said.

Kate Davies, executive director of Intermediary Mortgage Lenders Association (IMLA), added: “The recent Letwin Report highlighted a number of issues hampering the development of affordable property and the opportunities and challenges of designing and building out sites which feature a diverse mix of units.

“We would urge the government to prioritise the necessary processes to speed up planning and construction so that households on modest incomes can have a realistic opportunity to buy or rent their own home.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Cyber Monday warning: guard your credit card against fraud

Comparethemarket has warned shoppers searching for online bargains on Cyber Monday to be vigilant against potential credit card fraud.

Close