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There are four key reasons why affordable housing is so important to the UK:
- The UK’s population has substantially increased in the past 10 years. The average population growth rate is around 0.6% year upon year. With this in mind, it is paramount that the amount of available housing correlates with the growth.
- House-building numbers have also fallen to a record low for the past decade. This has contributed to the growing urgency for new homes at affordable rates. With research suggesting that last year alone, the UK delivered 57,644 affordable homes, which is almost 90,000 shy of the target set to solve the housing shortage, there has never been a more important time to build residential properties.
- Rent and other housing costs have risen exponentially, with prices predicted to grow even further in the coming years. It has been suggested that the higher property prices rise, the more difficult it will be for young people, migrants and vulnerable individuals to obtain housing. Consequently, the low-cost rents associated with social housing are desperately needed to balance the rising house costs that are rampant in the private rental sector.
- Social housing provides people with security. The stable tenancies given to tenants living in these homes are intended to protect them from eviction. Additionally, social tenants also gain the assurance that their homes meet health and safety standards, as newer purpose-built homes are more likely to be built to a higher quality.
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