The Great British Land sell-off: Will New Build homes provide the Answer to the housing shortage?
For those of you looking to buy a home in the current market, you will probably have noticed that there is a distinct lack of value for money. This is due to a chronic shortage of available housing that has created a sellers’ market and enabled vendors to hike property prices. From a vendor’s perspective, the level of value in real estate is now so disproportionate that you may even consider selling your home to Property Rescue to secure a quick transaction.
The Thorpe Park Development and the drive to create affordable housing
As a response to this crisis, housing developers throughout the UK are purchasing public land and kick-starting a host of new-build projects. There are currently huge regeneration projects taking place in Leeds and London at present, with the former particularly busy amid a host of residential and commercial projects. Most recently, housing developer Redrow has agreed a deal to build approximately 300 new properties on the 200-acre Thorpe Park site, after purchasing land on the east-side of the site.
This is part of a wider, more comprehensive plan to create additional residential housing on the huge Thorpe Park site, with the cumulative development efforts likely to cost an estimated £70 million. One of the most interesting elements of this project is the responsibility of Redrow to deliver an innovative package of community benefits worth £1.85 million, with the developers contributing to education and public transport links in and out of the city.
Alongside other retail and commercial developments in the region, this is just one example of a city being revitalised for the modern age.
It also highlights the drive of government officials to sell off public land and empower developers to create a swathe of new build homes, with up to 50% likely to be marketed at first-time buyers who are struggling to afford a piece of real estate. The aim is to fill a large and concerning void, creating greater balance in the market and realigning prices with national earnings.
Will the Great British Land sell-off ease the growing crisis?
With this in mind, the question that remains is whether the Great British land sell-off will work in regions such as Leeds and further afield? It will certainly create homes and a greater range of options for buyers, and over time it should also help to lower price growth to a more organic and sustainable level. One key concern remains about the time-scale of these developments, however, as well as the growing fact that increasingly compact and impractical new build homes are unappealing to buyers who want more rooms and a decent sized garden.