The UK is in a housing crisis where home-ownership is becoming nothing more than a glamorous dream. What was once the goal for 20-30 year old working professionals, is now only an option for the exceptionally wealthy, particularly in the UK’s capital.
Overall, there is a crisis because housing is unavailable, unaffordable, and/or inappropriate for everyone that needs it. However, the debate around what we need to do to solve the crisis gets incredibly complicated and a lot of work needs to be done for the Government to even come close to hitting their targets.
Although the Government is unlikely to describe the current situation as a crisis, their approach to housing policy can probably be best viewed as trying to solve a crisis in home-ownership. Inspired Homes are working closely with the Government in an attempt to prompt changes in legislation so that houses and apartments can be made slightly smaller, but brought to market at a much more reasonable price. For example, our exceptionally designed apartments in Crawley start at just £175,000. With a short commute to London and help-to-buy in place, this means that consumers can own their own home with just a 5% deposit.
When analysing the data (Savills), it is shocking to learn that the ‘share of households owning their home peaked in 2003 at 71% of households and has been in decline since’. That decline accelerated after 2008 when the credit crunch occurred, but the longer-term issues are clear if you look at just those households owning with a mortgage.
Twenty years ago, the average price of a home in London cost £295,821. That figure has risen by an astonishing 360%, making the average price of a London home now £637,289 (Zoopla). We think this is ridiculous, which is why we work tirelessly to stunning apartments for as little as £175,000 in Crawley, £262,950 in Croydon and £240,950 in Sutton.
To find out about our efforts in helping to solve the housing crisis or simply to learn more about our apartments, please call 020 8688 6552.