For as many challenges the new government needs to face, there are also some exciting possibilities for change. There are opportunities to unlock homes, bring forth a green revolution, reinvigorate house building and continue the digital transformation of many systems that impact millions across the UK.
Simon Clarke is the newly-appointed Levelling Up, Housing and Communities Secretary, and the job comes with distinctive requirements. The housing market is under intense pressure to meet homebuyer demands and needs support across the board to alleviate stresses and make operations more financially and environmentally stable.
We’ve outlined our critical priorities that, when actioned, could take the industry in the right direction with enhanced stability and certainty.
Key priorities
Greener homes
New developments in the UK must be climate and future-proof to cope with extreme weather, subsidence, coastal erosion, and flooding. Liz Truss’ pledge to insulate homes is a step in the right direction. Simon Clarke has been an avid supporter of green policies, promising a regulatory shift in how we approach sustainability within the sector.
An increased focus on modular homes could provide a solution to the environmental and supply issues facing the industry. While they are no Grand Designs, modular homes can be built within a fraction of the time, with a fraction of the energy all with sustainable materials.
Investing in modular homes may also create opportunities for other home developers, as the market is currently dominated by a few major players, in turn having a positive effect on the economy.
Digital transformation
The recent announcement on digitising aspects of the Land Registry is an excellent step in making the homebuying process fit for the 21st century. Removing the paper-based forms saves time, money and effort.
The Land Registry has struggled to meet their own registration lead times since the pandemic. The Housing Secretary should focus on assisting the Land Registry in reducing the backlog in order to facilitate prompt registrations following completion. In some instances, applications take months to process and complete, leaving all parties involved in the property transaction in administrative limbo.
Ensuring joined-up thinking across the entire home buying process means faster transactions, improving the operational efficiencies across every part of the property transaction.
Cost of living
The new government’s most urgent issue is tackling the cost of living crisis. All will welcome immediate assistance for energy bills, and it will have the added benefit of introducing stability into a volatile energy market.
Certainty and stability are crucial to ensure confidence within all industries, including the housing market.
