England’s need for new homes is becoming more apparent, with 312,000 new homes needed to be built each year for the next five years in order to match the forecast growth in numbers of households.
Research shows that housing shortages and the subsequent high prices mean that young people are struggling to live independently, with a high number living at home or in a house share for much longer. This position can become even more difficult with student debt levels and high rents.
The government has said to build 500,000 homes by the year 2020, but there are doubts that they will only build a third of the required number. They are already falling short of this target, with only 54% of the homes required being built since 2011. In order to hit targets, an extra 310,000 homes are needed to be built each year over the next 5 years.
The research also shows that the government is already falling short of its targets to build new homes. Only 54% of the homes required have been built since 2011. To catch up by 2020, with the number of homes suggested by the projections, 310,000 extra homes a year are needed over the next five years.