The HFI | News and Events

24 MAY 2019

Dwelling Stock Statistics - March 2018

The latest Dwelling Stock Estimates, from the ONS, show there are 24.2 million dwellings in England (on 31 March 2018). This is an increase of 222,000 dwellings (0.93%) on the same point on the previous year.

The breakdown of the 24.2 million dwellings by tenure is as follows:

15.3 million owner occupied dwellings;
4.8 million private rented dwellings; and
4 million social and affordable rented dwellings.

Between March 2017 and March 2018, the owner-occupied dwelling stock increased by 226,000 and the private rented stock increased by 10,000. The social and affordable rented stock decreased by 1,000 dwellings and the other public sector stock decreased by 13,000 dwellings.

As a consequence, the proportion of dwellings by tenure has remained almost unchanged, with a minor increase in the proportion of owner-occupation, and minor decreases in private, social and affordable rent. It is currently broken down as:

Owner occupation – 63.2% (a 0.4 percentage point increase on 2017).
Private rent – 19.9% (a 0.1 percentage point decrease on 2017).
Social and affordable rent – 16.7% (a 0.2 percentage point decrease on 2017).

While it is encouraging to see a proportional increase in owner occupation and an increase in real terms, it is clear that a step-change is required to get the significant change the country needs.

In the HFi's recent report, A Time for Good Homes, we were clear that there should be a move toward stable tenures, defined as a mixture of owner-occupation and social rent (with a floor on the number of social rent properties). We suggested a return to the traditional proportion of stable tenure – 90% of the population living in a form of stable tenure. Currently, fewer than 80% of the population live in a stable tenure. More homes must be built, faster to realise this ambition, together with the structural reforms we recommended.

Read the full statistical release here.

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Housing Delivery Snapshot August 2024

Housing Delivery Snapshot - August 2024

• The Bank of England cut interest rates to 5% in a move expected to begin to boost confidence. The close 5-4 vote of the MPC came with a cautionary message that the Bank was not going to cut “too quickly or by too much”.

• Mortgage lender Nationwide released its latest UK house price index report, with an annual growth in house prices of 2.1% in July, its fastest pace since December 2022.

• The latest NHBC housing pipeline figures for Quarter 2 2024 show the scale of the current housebuilding slump with a 23% fall in new registrations compared to the same quarter in the previous year.

• Latest MHCLG data reported a significant fall in residential Planning Permissions over 30%, another key housing pipeline indicator.

• Following the General Election, the new Government confirmed its 1.5 million new homes target for this Parliament.

• The Housing Secretary took immediate action to impose compulsory housebuilding targets on councils, with a warning of direct intervention if housing targets are not met.

• The Housing Minister confirmed on BBC Radio 4’s Today programme on 31 July that the Government’s New Towns programme is not expected to deliver any completed homes this Parliament.

Housing Pipeline cause for concern

HFI Housing Delivery Newsletter - August 2024

The Bank of England’s rate cut was a ray of light, but the housing pipeline remains a cause for concern. At the Housing & Finance Institute, we look at the latest news and developments in housing since the election, including in the Housing Spotlight and Delivery Snapshot.

Rate Cut Boost

Amid a challenging year for housebuilding and mortgages, there was a ray of light on 1 August, with the Bank of England announcing a long-awaited interest rate cut to 5%. The close 5-4 vote of the Monetary Policy Committee came with a cautionary message that the Bank was not going to cut “too quickly or by too much”.

Ahead of the rate rise, the mortgage lender Nationwide released its latest UK house price index report, with an annual growth in house prices of 2.1% in July, its fastest pace since December 2022.

The latest Bank of England announcements will provide a little relief for some current mortgage holders and those needing to refinance. However, many first-time buyers are facing a continuing double challenge of finding money for a deposit while meeting stringent affordability criteria. So while generally mortgage market confidence may begin to rise off the back of the Bank of England interest rate cut, access to home ownership remains difficult for many, given the affordability and home deposit challenges.

Housing Pipeline Concern

However, housing pipeline figures remain a cause for concern with the latest NHBC housing pipeline figures showing the scale of the current housebuilding slump. Latest MHCLG data reported a significant fall in residential Planning Permissions, another key housing pipeline indicator.

Housing Policy Interventions

Following the General Election, the new Government has confirmed its 1.5 million new homes target for this Parliament. Immediate action has been taken by the Housing Secretary to impose compulsory housebuilding targets on councils, with a warning of direct intervention if housing targets are not met. However, the Government’s New Towns programmes is now not expected to deliver any completed homes this Parliament, the Housing Minister told Radio 4’s Today programme. This raises questions as to how the 1.5 million new homes target will be delivered, without these major new developments coming forward at pace.

Further Government intervention on the demand side to support new buyers and home deposit savers is likely to be necessary over the next period to reverse the current housebuilding slump, together with far-reaching interventions for skills and building materials to meet a housing target that hasn’t been met since mankind first landed on the moon over 50 years ago. The HFI’s purpose is to support increased housing supply, back councils and businesses working together to build more homes and promote new ways to finance housebuilding.

Do get in touch if you would like to share ideas and suggestions on building the homes our country needs.

Best regards

Natalie Elphicke Ross
Head of Housing Delivery

natalie@hfi.org.uk

Dwelling Stock Statistics - March 2018

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