Yorkshire Building Society Urges Labour to Unlock 2.5 Million Homes
Yorkshire Building Society has issued a strong call to the Labour Party government, urging a significant overhaul of the UK's housing strategy. The society argues that by repurposing existing land and properties, the country could unlock more than 2.5 million new homes, addressing the critical shortage of affordable housing.
The society highlighted that there are currently 748,000 empty homes across the UK, viewing this as an immediate and untapped opportunity to boost housing supply. In a detailed analysis, Yorkshire Building Society estimated the potential from various sources: empty commercial premises could yield 277,046 homes, brownfield sites up to 1.48 million homes, historic buildings up to 615,000 homes, disused government and NHS sites up to 130,000 homes, and empty pubs and car parks up to 116,603 homes.
Call for Smarter Solutions
Tom Simpson, managing director of homes at Yorkshire Building Society, emphasized the urgency of the situation last week. He stated, "The current housebuilding target is ambitious, but unlikely to meet urgent demand from families and first-time buyers for quality, affordable homes." Simpson advocated for smarter, faster solutions that leverage existing resources to reinvigorate communities simultaneously.
He elaborated on the economic benefits, noting, "Every £1 invested in bringing empty homes back into use adds £4 to local economies. It revitalises communities and helps tackle issues like crime – making this an ideal starting point for a renewed housing strategy." Simpson also pointed out the cost and environmental advantages, explaining that new builds can cost hundreds of thousands of pounds per unit, while refurbishing existing homes might cost as little as £20,000, making it a quicker and more sustainable option.
Barriers and Recommendations
The society identified planning delays and restrictive change-of-use rules as significant barriers, with some projects facing delays of six to 12 months. Simpson urged further evolution of planning rules to unlock the potential of disused offices, shops, industrial buildings, empty homes, public sites, historic buildings, car parks, and land.
He warned, "Leaving space idle harms high streets and local economies." By bringing homes closer to high streets, Simpson argued that footfall would increase, supporting local businesses, generating revenue for local authorities, and creating safer, more vibrant communities. This comprehensive approach aims to not only address the housing crisis but also boost economic growth and community well-being across the UK.
