Research suggests public land sell off is not providing affordable homes

Property Wire | June 04, 2019

There has been a lot made of the fact that public land sale, such as from the NHS, is being used to build new houses but new research suggests they are not affordable for many. For example, of the planned homes to be built for sale on NHS land, some 67% will be unaffordable to a nurse on an average salary, according to a new analysis published by the New Economics Foundation. The average sale prices of many houses built on NHS land is 9.6 times the average annual salary of a nurse at £306,434. At present 5% of the homes built on sold-off NHS land will be for genuinely affordable social rent with 30% of sites having no plans for affordable housing at all. The looks at 23 sites the NHS declared ‘surplus’ in England in the last year, and it shows that the sale of NHS land is fundamentally failing to produce the affordable homes needed and suggests it is exacerbating the deep affordability crisis across the UK.

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Spotlight

It is wise to celebrate success but it is more important to heed the lessons of failure! What worked for the sector? What didn't? What have been the achievement worth celebrating in the past decade or so? Watch industry leaders talk about the sector that was, and is to come. The RICS Real Estate Conference - Celebrating Indian Real Estate. An NDTV Prime exclusive.

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