The UK doesn’t have enough social housing to meet demand. It’s a crisis that is worsening across the country, especially in the North West.
Social housing is let on a fixed basis at rents below market value to vulnerable people who are in difficult circumstances.
In general, many factors affect someone’s inability to make rent payments, including personal issues, low wages and job insecurity or the fact it’s simply too expensive.
Social housing is designed to alleviate this stress, but unfortunately, the creation of new stock has severely diminished. Recent figures show that just 1,409 lowest-cost social homes, where rents are 50% cheaper than the private market, were built in 2017-18. This is a staggering 90 per cent drop in less than a decade.
It more than begs the question – what needs to be done to help those in dire need of lowest-cost social housing?
The revised National Planning Policy Framework demonstrates the government’s commitment to increasing the supply of affordable homes. However, closer collaboration with local authorities, housing associations and private developers will be imperative for delivering the initiative.
At HS Property Group, we work with local authorities and housing associations to provide high quality homes in financially viable locations.
Government figures from January – March 2018 revealed that 26,400 households made a homelessness application to their local authority. High, unaffordable rent costs on the private market are playing a huge role in deepening this crisis.
By collaborating with local authorities and not-for-profit organisations, we are helping to give people in vulnerable circumstances an affordable place to live.
Ultimately, we aim to provide them with a stable environment where people can focus on finding employment and training opportunities and building a steady future.
The key to improving the quality and quantity of social housing lies in sourcing low cost property and transforming it into safe, high-standard homes that tenants can live in long-term.
There is also a great demand for HMOs located in areas where social housing stock just isn’t readily available. It’s vital to support people who don’t have the means to keep up with rising house prices.
At HS Property Group, we are always looking to work closely with local authorities and housing associations across Greater Manchester that share our vision. For more information on our services and projects, get in touch with us here or call 0161 820 6559.