A report commissioned by the Family Building Society, in conjunction with the London School of Economics, has called on politicians, key national and local government departments, as well as the Bank of England, to cooperate in solving the UK’s current housing crisis.
The report, entitled “A Road Map to a Coherent Housing Policy”, noted that there has been a constant stream of reports over the past decade which reveal the ways in which the housing system is broken.
According to the report, these usually stress a particular problem, often new builds, and advocate a solution which would provide little change.
In light of this, the report has called for a more integrated strategy from the Government which covers housing as a whole.
The report also outlined that while new builds of all types is obviously important, and must be increased, they only account for around 1% of the stock annually.
Instead, the report has argued that using the 99% of housing already in existence more efficiently would bring larger and more immediate benefits.
In addition, the Society’s report has also advocated for waiving Stamp Duty for the over 65s, in an attempt to free up homes for families and also reduce costs of care.
Further, it would help the labour market; and generate economic activity related to moving house – increasing tax revenue for the Government.
Other recommendations in the report include an alignment of key players to a medium-term strategy (including the Bank of England, the Treasury and Department for Work and Pensions as well as the Department for Levelling Up, Housing and Communities and local authorities), and a reduction in the time that it takes to get individual planning permissions through the system.
Mark Bogard, Family Building Society, chief executive, said: “Solving the housing crisis is not that hard if government works with other stakeholders and pursues coherent policies introduced over a sensible timescale. And some things that would make a big difference could be done immediately.
“The Government’s latest long-term plan for housing does not address the issues highlighted in our report.
“Specifically, there is no mention of making the existing stock more efficient, creating more social rented housing, proper support for home ownership, creating a more effective and affordable rented sector or setting achievable targets and updating local plans to reach those targets.
“There has to be greater coherence, consistency and resilience in housing policy which is why we need a Minister of Housing as one of the great offices of state – not a repeat of the shambles of the last 25 years.”
