Housing is an essential human requirement, and having a roof over a person’s head is fundamental. Young people leave home earlier while older people live longer and occupy empty nests. Such a decline in household size will raise an underlying demand for housing. Accordingly, there just aren’t enough homes for those who need them, and this is a clear indication that there is an increased housing crisis apparent in the country. Despite historically low levels of housing supply also the number of homes being built has outstripped the household formation. Some policy reforms have been established to help achieve a cost-benefit case.
The demand for residential property has pushed the prices up to levels that are not affordable for first-time buyers. The co-living areas are beneficial as the purchase costs are lowered, enabling people to acquire property in relatively expensive areas. They provide a glimmer hope for young people to own homes at a younger age due to a lower entry price onto the housing ladder. With the stagnated wages of individuals, they can spend less on rental payments throughout their lives.
The degree to which a specific type of housing ends up in the hands of landlords than owners increase the demand for social housing. Co-living developments help essential in curbing this demand, therefore, easing pressures in the housing market by providing solutions to individuals in need. It’s a compelling alternative to solve the housing crisis as it allows financial saving for households through the sharing economy where individuals borrow rather than buy household items, thus ensuring financial saving for one. It’s a remedy that deals with loneliness for the young people through interactions in the communal space that fosters friendship, thus establishing community spirit.
Since micro-apartments are centrally located and close to transport links and built on the brownfields that are not suitable for traditional form developments, they can be a solution to the housing crisis. As first time buyers are ready to secure a space for a home near their workplace, it serves to be a remedy as it also serves as an option for the homeless. There is a spurt movement in the micro –homes, for they are quite ingenious on how they are maximizing on space, and a tiny parcel of land is used to build them. They serve as possible answers to redlining of the past, allowing people to own homes and start on wealth accumulation as they are affordable for people making minimum wages. Having these manageable and affordable homes help in ceasing the housing crisis as people who are leaving their homes can have a place to stay despite their stagnated wages.
Increased council housing funding
The government is more focussed on providing affordable homes for people with low income at lower rents. Since the demand for housing has to be met, it means identifying suitable areas where new and affordable housing can be built. The green belt land that protects the country from being spoilt can be reconsidered to serve as an area for new developments being built. This will help in solving the housing crisis by reducing the investors’ power as it avoids many events from being bought by investors only. It allows a mix of buy to let, which is advantageous in coping with demand for housing.
Use of empty properties
People need affordable homes and in places where there are enough jobs, and this has fortunately led to the streets of the UK being empty as its no longer a place where people want to stay. Since more homes are needed in areas where people now prefer to live in, and investors will buy homes in this area without the intention of renting them out, the local authorities have decided to clamp down on empty houses by charging extra council tax on those which are left empty. This has helped in bringing an abandoned house back in use rather than building a new one saving on a substantial amount of material and minimizing the amount of land used for development. The empty property serving as a home for someone and lifting a neighborhood solves the housing crisis.
Lowering property costs
The increasing cost of housing for both owned and rental is a significant concern for people needing affordable housing. Reducing property taxes could help the growing crisis by encouraging people struggling with property taxes to build houses both for owner-occupation and for rentals. This is advantageous to renters by ensuring that builders who accept the tax incentives will have to rent them at affordable rates.
In conclusion, the above ways can be taken into account to provide solutions that will help curb the housing crisis in the UK.