Rob delves into the ongoing housing crisis in England, highlighting a significant shortfall in social housing availability. Drawing from a BBC article, the discussion reveals that over 1 million families are on waiting lists for social homes, while only a fraction of the required new builds are being completed each year. Rob explores the complexities of the housing market, including the challenges faced by housing associations, rising interest rates, and the impact of inflation on construction costs. 

KEY TAKEAWAYS

• There is a significant housing crisis in England, with over 1 million families and individuals on the waiting list for social homes. The demand for housing far exceeds the current supply, affecting both social and private rented housing.
• Experts estimate that 90,000 social homes need to be built annually for the next decade, yet only about 5,000 were completed in the past year. This shortfall is contributing to the ongoing crisis.
• Housing associations, which are crucial for providing social housing, are facing financial difficulties. They have less cash available to purchase new properties due to rising costs and limited rental income, which is often capped by government regulations.
• Rising interest rates and increased costs for materials and labor are making it more challenging for developers to undertake new housing projects. The base interest rate has risen significantly, affecting mortgage rates and overall project viability.

BEST MOMENTS

"England has a housing crisis... the demand for housing in this country is substantially higher than supply."

"Experts believe that 90,000 social homes need to be built every year for a decade in order to house everyone, but supposedly reported that less than 5,000 were completed in the past year."

"Housing associations are making less money and renting out social homes too."

"If the numbers of the development don't work, or the numbers of the deal do not work in general, then don't do the deal."

VALUABLE RESOURCES

https://www.bbc.co.uk/news/articles/czegynwy938o

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