Over half of real estate professionals in the UK say the government’s target of 300,000 new homes a year is too low.
New research by innovation and property specialists Engen Group – which focusses on addressing environmental challenges such as affordable and sustainable housing – shows such a view is shared by 58% of the profession.
And the survey solidifies scepticism about the government’s ability to meet this target, with the consensus (96%) agreeing this target will be missed over the next few years.
In addition, two thirds (62%) of those questioned are not confident that the government will stick to its recent promises to address the housing crisis.
As a result, 64% predict the housing shortage will worsen over the next five years, and only 14% expect it to improve.
In addition, 44% believe that affordability will get worse over the next 10 years, 30% feel it will remain the same as today, and only 26% predict that it will improve.
“Our findings highlight the challenge that government and local councils face when it comes to addressing the housing crisis,” said Engen Group CEO Graeme Boiardini.
“There is an imbalance between income and house prices, which is being compounded by the lack of affordable housing, particularly in areas such as London and the South East.
“We welcome initiatives that increase the rate of sustainable housing development that are committed to building communities and protecting the environment,” he said.
Despite the pessimistic outlook, there was a positive reaction from 68% of real estate professionals who felt that government plans aimed at making owning a home more affordable were effective – including the First Home scheme
The research also highlights 48% of real estate professionals also believe that Suitable Alternative Natural Greenspace (SANGs) will have a positive impact on the rate of property development in their surrounding areas.