2022-23 saw only 234,000 new homes completed in England, falling short of the required 340,000 per year, exacerbating the UK's housing crisis.
The UK's housing crisis features inadequate new homes, particularly affordable ones, high house prices, and rising rents, causing affordability issues for young people and growing wealth disparities among older homeowners. Building new homes only adds 1% to the housing stock each year, and the UK is far from meeting its new build targets. In 2022-23, only 234,000 new homes were completed in England, short of the needed 340,000 per year. A tax cut could encourage older people to downsize, potentially creating more family homes.
July 04, 2024
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