Since our beginning, MovingSoon has focused on affordable housing and increasing its accessibility with the UK. Our founder, Paul Malone, has been working with the affordable sector for nearly a decade. With this insight, what does 2022 hold for affordable housing? We’ve given a brief look into what the sector looks like and potential areas for improvement.
Will the shortfall of affordable rentals and properties to purchase continue?
Unfortunately, we think so.
As we continue to research government statistics, it’s clear to see that the demand for affordable housing is still not being met. Efforts have been made to address issues, however, the impact of the pandemic caused disruption to developments for several projects. According to the Affordable Housing Supply in England 2020-21, there was a 12% decrease in new affordable homes to rent. Furthermore, we experienced an increase of 33% in terms of new users to our website in the previous year. This suggests that demand is exceeding supply, and the sector needs to be supported for future development.
Will more new building properties be built, despite the ongoing pandemic?
We think things are looking up!
Affordable housing encompasses an assortment of options, however, the development of new builds appears to be on the rise again after disruption from the pandemic. According to the Affordable Housing Supply in England 2020-2021, 89% of the affordable homes delivered were new builds. Contrary to this, there was a 16% decrease in starts on-site. As COVID-19 continues to affect the industry, it is hoped that ongoing development continues. Recently, we have completed extensive research into upcoming developments in our new build homes near me category. The findings suggest that projects are beginning to pick up across the country, as we await updated government figures to fully understand the trend.
How difficult is the affordable housing market?
Very, however, incentivising may help to make a shift.
We understand the difficulty in the affordable housing sector. With the ongoing demand and lack of suitable properties, it is a complex situation that will require more work. Research completed by Professor Glen Bramley at Heriot-Watt University (commissioned by the NHF), suggests to meet the current demand, we will require 340,000 homes each year to 2031. Through a thorough understanding of the market, we think actions such as incentivising downsizing will encourage a better cycle of properties for those in need. The London Borough of Hammersmith and Fulham have already encouraged this, by offering £2,000 for each bedroom you downsize by and an array of other benefits such as removal assistance.
How does MovingSoon help?
As we’re on a mission to make affordable housing more accessible, by connecting affordable providers with buyers and renters. We only display affordable properties on our platform and continue to work with exciting suppliers so there’s greater choice.
We don’t just stop at attaining your property either. The MovingSoon Hub also offers an abundance of helpful resources for settling into your new home, focusing on all things money-saving.
