Lloyds Forecasts Self Builds to Almost Double by 2021
The current pace of house building is insufficient, with both social and private sectors falling far short of demand. Of the many issues bubbling to the surface ahead of this year’s General Election, the housing shortage and its effects may be the largest elephant in the room for both parties. While Parliament scratches their many heads over how to solve the issue, the Lloyds Banking Group Commission on Housing has released an exhaustive report on the major hurdles the house building industry currently faces and how they may be realistically overcome.
The Commission – co-chaired by Conservative MP Mark Prisk and Labour MP Nick Raynsford – investigated the need for long term policies and investment, dedication from both parties and a consistent, clear planning framework creating robust Local Plans.
Raw output may be at the heart of the issue, but the symptoms spread across society. Lack of output from major private house builders has pushed many who should be buying from that sector into social housing, who in turn also are unable to meet demand. The pressure is at bursting point for both sectors, raising prices and restricting public investment in housing that’s essential for economic growth and social mobility.
Due to the knock on effects they have on each other, the report emphasises the need for support across all sectors to ease the burden for all. If one finds more gain, it can compensate if another falls short. Bottlenecks like land release and labour inevitably limit any acceleration, so there