Ever since Margaret Thatcher declared her belief in a ‘property-owning democracy’ and introduced Right to Buy in 1980, the UK has been a nation obsessed with the idea of homeownership
The UK property industry has recently responded to the proposal by Michael Gove, the Environment Secretary, to increase the number of new homes being built in the country. Gove’s plan, which was announced in July 2019, is aimed at tackling the UK’s housing crisis and providing more affordable housing for people across the country.
The proposal involves a number of measures, including the introduction of a new planning system which would make it easier for developers to build new homes. It also includes a commitment to build 300,000 new homes a year by the mid-2020s, and a £3 billion fund to help local authorities build more social housing.
The property industry has welcomed the proposals, with many praising Gove for his commitment to tackling the housing crisis. However, there are also concerns that the new planning system could lead to an increase in house prices, as developers may be able to build more homes faster and therefore increase demand.
There are also worries that the new system could lead to a decrease in quality of homes being built, as developers may be incentivised to build quickly rather than focus on quality. This could have a negative impact on the value of existing homes, as well as the quality of life for those living in them.
Overall, Gove’s proposal has been met with a mixed response from the property industry. While many welcome his commitment to tackling the housing crisis, there are also concerns that the new planning system could lead to an increase in house prices and a decrease in quality of homes being built. It remains to be seen how successful Gove’s proposals will be in addressing the UK’s housing crisis.