New research published by Build To Rent operator L&G reveals what it believes to be a crisis surrounding rental properties, affordable homes and starter properties.
It has published what it calls the Legal & General Rebuilding Britain Index.
The RBI was established to measure the UK’s progress in levelling up on a quarterly basis, surveying 20,000 people and tracking social and economic progress across 52 measures, including Health and Social Care, Education, Housing, Jobs & Economic Prosperity, Environment, Energy, Transport and Digital.
At a national level, the index has fallen for the second consecutive quarter – down from 60/100 in Q1 2021 to 58/100 in Q3 2021.
Specifically, the perceived availability of affordable starter homes (57/100), social housing (57/100) and rental properties (58/100) have all fallen by two-points over this same period.
The research also identifies locations with particularly acuter housing issues.
Cornwall (39/100), North Devon (41/100), East Devon (42/100) and Chichester (42/100) are currently the hardest hit local authorities it claims, with Cornwall the lowest scoring local authority across the entire UK on sentiment towards local housing meeting local needs (41/100).
There are also regional disparities on economic recovery - including that of the housing market. London scores 66/100 and South East England 67/100 while the under-performing North-East of England is on 52/100 and Wales 54/100.
Nigel Wilson, chief executive at Legal & General, comments: “Our research shows a mismatch between local housing supply and demand, but also shows that we cannot look at issues in isolation. By levelling-up UK jobs and economic opportunity we can go some way towards alleviating housing pressures. However, this is only likely to go so far.
“The UK needs a new partnership approach, involving local authorities, developers, investors and central government to boost overall supply and also ensure we are building enough of the right types of home, in the right places.
“Prime Minister Boris Johnson has set out ambitious plans to boost the UK’s regional economies. While this is obviously positive, realising this ambition will involve coordinated action at national and local level, with local partners in the driving seat. If levelling-up is to work, it must also be bottom-up and not top-down.”