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Outlook for Affordable Housing Market in the UK
六月 24, 2024
Outlook for Affordable Housing Market in the UK 倫敦
By   Internet
  • 城市報
  • UK affordable housing market
  • social housing demand
  • UK property
Abstract: The affordable housing market in the UK is poised for significant changes in the coming years, driven by increased institutional capital, rising sustainability requirements, and emerging new partnership models. These factors collectively propel the affordable housing market towards a healthier and more sustainable direction to meet the growing housing demand.

According to the latest update from Lloyds, it is projected that by 2028, the UK's affordable housing market will undergo notable transformations, primarily led by substantial investments from institutional investors and for-profit registered providers. The report notes the presence of 69 for-profit registered providers currently owning over 29,000 homes, with three-quarters of these providers planning to increase investment in rental services over the next five years.


Oliver Knight, Residential Development Research Director at Lloyds, highlights a severe imbalance between supply and demand for affordable housing in England. Traditional housing associations face financial pressures, making institutional investment crucial in addressing the housing shortfall. Reports indicate that only 63,605 urgently needed affordable homes were constructed in England last year, significantly below the annual requirement of 145,000.


Government data reveals that over 1.2 million households in the UK are currently on waiting lists for social housing, facing challenges in affording housing. Previous forecasts from the National Housing Federation indicate a need for at least 145,000 new affordable homes annually to meet housing demands.


Outlook for Affordable Housing Market in the UK

propertywire.com


In a context of financial constraints, Lloyds' report identifies that 50% of respondents cite lack of subsidies or grants as the primary barriers to affordable housing supply. To attract investment, Environmental, Social, and Governance (ESG) performance has become a crucial consideration for investors choosing affordable housing projects, with 43% of providers requiring new projects to incorporate sustainable features such as air source heat pumps.


Paul Hodge, Affordable Housing Director at Lloyds, further emphasizes, "Driven by the pursuit of long-term stable income streams, hedging against inflation risks, and delivering ESG benefits, the affordable housing market will undergo significant transformation over the next five years." Survey results indicate an increasing preference among developers for partnership models to increase affordable housing supply, with 40% of respondents considering this one of the most effective delivery mechanisms in the past year.


This shift towards collaboration, alongside heightened sustainability standards and increased institutional investment, signals a promising direction for the UK's affordable housing market as it seeks to address pressing social housing needs while aligning with environmental goals.

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Outlook for Affordable Housing Market in the UK
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