1.5m homes need to be built in England in 5 years!
Up to 312,000 homes need to be built a year, for the next five years to keep up with the anticipated rise in the number of households, according to a recent housing crisis research.
Town and Country Planning Association, who executed the research said, “The need would be even more severe if not for the trend of younger adults delaying setting up home for themselves because of the expense”.
This amount of new homes would cover the shortfall in construction since 2011, but this figure is almost half as much as the government’s target of a million homes by 2020.
In the foreseeable future, the country needs to construct 220,000 homes a year until 2031, practically double the current number, to keep up with the increase in households, said the Town and Country Planning Association. 55% of these would need to be in the capital city and the surrounding area.
Couples aged 25 to 34 would find it more challenging to live in their own homes in 2031 than they would have in 2011, research showed.
The figures detail the government projections for growth in the number of households, based on population data from 2012. The 2008 data, proposed an even higher need — 244,000 homes a year — but reflected circumstances before the economic decline.
Recent figures echo a fall in the rate of household arrangement that results in part from the lack of homes and rising housing costs. However, it is anticipated that the number of households in England will still grow by a quarter to 27.5m by 2037.