Could the private and public sector team up to improve the UK’s housing market?

The Royal Institute of British Architects (RIBS) believes that the private and public sector could work in harmony to improve the current situation of the country’s housing sector.

Quality

Richard Carr new housing developments

Private & Public sector – a winning partnership?

RIBS believes that housing policy along isn’t enough to solve the UK’s problem as the demand for homes continues to outstrip the supply. They believe that as one the private and public sector can promote, enable and finance new homes and improve the final quality.

Along with the crippling shortage of homes, homebuilders have come under pressure for the standard to which new homes are being produced.

RIBS’ report said that high quality design needs to be at the heart of the solution: “Without it, we’ll be solving one problem by storing up further challenges for the future,” they said.

The report suggests the following points:

  • The government should appoint a Chief Built Environment Advisor
  • Use public resources better: “With interest rates at historic lows, more can be done to use the balance sheets of public and private sector bodies to boost housing supply.”
  • The cap on Housing Revenue Account receipts should be lifted to allow councils to borrow to build social housing
  • Central and local governments to set up public sector investment vehicles
  • Set up a national housing investment bank to issue bonds and ISAs, recycle right to buy receipts and attract long term institutional investment

“This transfer needs to be accompanied by greater autonomy over policy setting. The regeneration of housing estates should be based on an approach which makes the most of the strengths of existing communities and addresses the challenges exacerbated by the urban environment such as anti-social behaviour or high rates of obesity,” the report says.

Diversity

Property developer Richard Carr believes that new types of development are considered when implementing new schemes. He believes that a broader range of housing options is need to ensure that people are living in the best possible homes.