1m new homes needed by 2021
According to a study commissioned by Centrepoint and carried out by Cambridge University, the gap in affordable housing is set to rise from 293,927 today to 1m by 2021.
The study found the housing crisis would be most acute in London, where it anticipated a shortfall of more than 186,333 homes.
The report stated: “There is a shortfall of independent sub-market accommodation at the present time, and unless measures are taken to increase supply, the overall shortfall in the availability of sub-market accommodation is likely to increase levels of need over the next ten years.”
It highlighted the government’s Right to Buy reforms as likely to accelerate the decline of the supply of social rented housing.
The crisis could be avoided by increasing the supply of social and private rented housing, making it easier for people on low incomes to enter the private rental sector alongside more home building, the report added.