A ‘generational injustice’ is crushing the homeownership dreams of many young people throughout the UK claims the Land Promoters and Developers Federation (LPDF).
As revealed to Residential People and other delegates at LPDF’s first-ever conference (held today at London, Euston Square) LPDF’s Chairman Paul Brocklehurst laments the ruinous concoction of high house prices and lack of supply, that has means ‘1 in 3 Millenials will never own a home.’
Amongst the guest speakers at the Land Promoters and the Delivery of New Homes event is Kevin Hollinrake MP, member of the Housing, Communities and Local Government Committee, and David Smith, economics editor of The Sunday Times.
On average, house prices over the past 30 years have increased by 500%, leaving many excluded from the possibility of ever owning their home.
The shocking rise in house prices is exasperated even further in the capital where rents for a one-bedroom apartment often soar beyond the £1200 price bracket, which makes saving for a home an impossibility for a single, average wage individual.
LPDF chairman Paul Brocklehurst said: “Let us be in no doubt that there is a crisis. The average house price has increased by 500% in 30 years, the price of that average home is now in excess of eight times average salaries effectively doubling over that period and is considerably more in certain areas.
“The average age of first-time buyers has increased from 27 years to close to 35 years and, as a consequence, generations, particularly in the South East of England, now feel they are excluded from owning their own home. This is yet another area of our society in which a generational injustice is manifesting itself.”
The worsening UK housing crisis has prompted the Government to vow to deliver 300,000 new homes every year.
LPDF’s members play a critical role in identifying, assembling and preparing land for the housebuilding sector, in order to improve the supply of new homes.
Launched just a year ago, LPDF membership has grown and now includes some of the best-known names in land promotion and housing development.
However, despite their influence, Paul notes: “Unfortunately, the role land promoters play in the delivery of housing, infrastructure and entire new communities is often misunderstood. This and the complicated and lengthy nature of the planning system is commonly blamed for the supply of housing, not meeting the demand for new homes.
“We are becoming a powerful voice in the debate around the housing shortage and ways in which we can improve the supply of land for development. We want to dispel some of the myths and misconceptions around the role of land promoters and developers by highlighting the expertise and track record of our members.”
Click here more information about becoming a member of the LPDF.