UK Housing Drought Pushes Up Prices For Expats

By Editorial 05 May, 2014

Expats relocating to the United Kingdom will find it more challenging to find housing due to a a shortage of affordable homes, which is driving up prices, according to a new report from professional services company KPMG and homelessness charity Shelter.

Without a radical program of house-building, average house prices in England could double in just ten years to GBP446,000. In twenty years this could quadruple, with the average house price estimated to rise to over GBP900,000 by 2034 if current trends continue.

In light of government figures showing that home ownership in the UK has been falling for over a decade, the report outlines how the 2015 government can turn the tide on the nation's housing shortage within a single parliamentary term.

"A government which is prepared to roll up its sleeves and commit to a program to tackle each element of the problem, over a parliament and beyond, has the chance to make home ownership a realistic dream again," Marianne Fallon, UK Head of Corporate Affairs at KPMG, said.

She continued: "Three examples of bold moves which could meaningfully shift the status quo include: empowering local authorities to create 'new home zones,' which could generate over 8,000 additional homes per year; increasing the diversity of the building industry through 'Help to Build' funding to support SMEs; and giving local authorities more borrowing power to build."

"As the housing crisis rises in the consciousness of the electorate, there could be political prizes for those who are prepared to throw their arms around this large and complex issue," she added.

Tags: Investment | Real-estate Investment | Real-estate | United Kingdom | Services | Expats |


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