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Suffolk Building Society has outlined suggestions to address UK property market challenges in response to the recently announced Planning & Infrastructure Bill, emphasising the need for self-builds, bungalows, and stamp duty reform.
What's happening: The Planning & Infrastructure Bill aims to boost housing supply, but Suffolk Building Society argues for a more nuanced approach to meet diverse housing needs.
Why it matters: The UK faces a housing shortage, and plans to build 1.5 million new homes are underway. However, simply building more of the same will not solve underlying market issues.
Key points:
Self-builds could contribute significantly to housing targets, with a third of people considering building their own homes (Research by Opinium for Suffolk Building Society, May 2023).
Bungalow construction has plummeted despite growing demand from older homeowners.
Stamp duty reform could encourage downsizing, freeing up larger homes for families.
By the numbers:
Only 228 new bungalows were registered in Q3 2023, down 70% from 2022 (National House Building Council)
15% of UK homeowners would consider downsizing within five years (Research by Opinium for Suffolk Building Society, June 2024)
60% said lower stamp duty would make them more likely to move to a smaller property (Research by Opinium for Suffolk Building Society, June 2024)
What they're saying: Richard Norrington, CEO of Suffolk Building Society, said: "We should construct homes that meet the occupants' requirements in terms of quality, space, location, and sustainability, rather than merely building to meet mandatory targets."
On the role of local authorities: The Self-build and Custom Housebuilding Act 2015 requires local authorities to grant permission for suitable serviced plots of land to meet the demand for self-build housebuilding in their areas. However, according to the Suffolk Building Society, the registers documenting available plots are not always actively promoted by local authorities.
The bottom line: Suffolk Building Society argues that addressing diverse housing needs – including self-builds, bungalows, and incentives for downsizing – is crucial for a more effective solution to the UK's housing challenges.
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