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 The
Collapse Of The UK
Housing Market
The population of the United Kingdom is now over 57 million and
they live in around 24 million dwellings. According to some
statisticians, by the year 2030 there will be 63 million in
population and will need 29 million homes.
The UK Government are on a roll with the housing market! There
are all kinds of initiatives and opportunities for professionals
in
the industry to take advantage of the rapid growth in population
and the urgent need to house them.
Way back in July 2007, Gordon Brown had just become Prime
Minister and he made this statement:
“Through this decade and right up to 2020 I want us - in
environmentally friendly ways using principally brownfield land
and building eco towns and villages - to meet housing need by
building over a quarter of a million more homes than previously
planned, a total by 2020 of 3 million new homes for families
across the country. So for England we will raise the annual
house building target for 2016 from 200,000 to 240,000 new
homes a year.”
Since that statement was made there has been a major crash in
the housing market in the USA and UK following the collapse of
the sub- prime mortgage sector and the collapse of Northern
Rock, a major British mortgage lender, who landed in financial
crisis because of low interest, high risk lending.
However, the UK Government have not abandoned their plans to
provide tens of thousands of new affordable homes to first time
buyers and to provide help for those struggling to meet their
mortgage payments because of the unstable economic climate.
So this presents developers, house- builders, housing
associations and local government with unprecedented
opportunities for the future of construction in the UK. Most
economic commentators are expecting the housing market in
terms of house prices to continue to cool down in the UK over the
next five years. However, given an accurate reading of the
various economic indicators and an understanding of various
market sectors, some of which may be more financially lucrative
than others, the opportunities of business success is still at an
all
time high.
We need to hold our nerve!
Steve Flashman
(This article is copyright but may be
reproduced as long as the copyright owner,
Steve Flashman, is acknowledged as the author and the following
website link is included:
http://www.makingconstructionwork.com) |
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