It’s widely accepted that Britain is in the midst of a housing crisis. According to the UK Housing Crisis Report, there are currently almost 1.7 million people waiting for social housing in England alone. And it seems the impact of the crisis may not just be personal and social, it also has the potential to cause significant instability to the UK’s financial wellbeing.
In a previous interview Mark Carney, the governor or the Bank of England, said: “When we look at domestic risk, the biggest risk to financial stability and therefore to the durability of the expansion [of the economy]; those risks centre in the housing market…There are not sufficient houses built in the UK.”
The government has openly admitted the level of crisis and estimated that an extra 250,000 need to be built each year in order to meet demand. Now, in a step to help them reach their target of one million new homes by 2020, they have announced that pre-fabricated homes will make up a bulk of the supply.
Housing and planning minister, Gavin Barwell, explains: “Offsite construction could provide a huge opportunity to increase housing supply and we want to see more innovation like this emulated across the housebuilding sector.”
Commenting on the government’s announcement Patrick Chambers, Quick Move Properties’ sales director, said: “This announcement from the government offers a fantastic opportunity for the park home industry.
“We’ve long suggested that park homes offer an affordable way to address the UK’s housing shortage, and now the government has announced that pre-fabricated housing will be key to meeting its targets, the park homes industry has a great opportunity to be part of the conversation.”