More than half of all 20-34 year olds could be living with their parents by 2040.
Average house prices in England could quadruple in just 20 years to £900,000.
How can England’s housing crisis be solved?
England has a housing shortage. Although we need to build 250,000 new homes a year, each year we build approximately 100,000 fewer homes than this. But the housing shortage is not a new phenomenon; it has been caused by decades of building too few homes.
Failure to act now will mean falling home ownership and an economic recovery stalled by a volatile housing market. That’s why KPMG and Shelter have created a plan to help the 2015 government get this fixed.
By freeing up land for new homes, increasing the diversity of the building industry, investing in new housing stock and empowering cities and towns to build the homes they need, we can create a market that builds enough homes, at reasonable prices. It’s happened in other countries, so we know it can be done in England too.
The 2015 government must intervene to solve the dysfunctions at the heart of our house building system, transforming the quality and quantity of our country’s housing stock and improving the lives of millions.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.