UK households are getting an inferior product in terms of both quantity and quality, the Resolution Foundation said.
The UK’s “expensive, cramped and ageing” housing stock fares poorly compared with other advanced countries, analysis by a think tank suggests.
The Foundation’s housing outlook used OCED data to compare the UK’s housing issues against other similar economies. The UK’s housing stock is also relatively old, with 38% of homes built before 1946, the report said, compared with around a fifth in Italy and one in nine in Spain. The report said: “If all households in the UK were fully exposed to our housing market, they would have to devote 22% of their spending to housing services, far higher than the OECD average , and the highest level across the developed economies with the solitary exception of Finland.”
“Britain’s housing crisis is decades in the making, with successive governments failing to build enough new homes and modernise our existing stock. That now has to change.”
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