Our housing market is broken and it is evident that many countries across the globe are struggling to provide their people with affordable housing solutions. The reasons vary, yet, the problem is the same.
Both developed and developing economies share this problem. The United Kingdom is such an example where both buying and renting a home has become increasingly unaffordable. This quote, from the white paper, Fixing Our Broken Housing Market, shows just how bad things have gotten:
As recently as the 1990s, a first-time buyer couple on a low-to-middle income saving five per cent of their wages each month would have enough for an average-sized deposit after just three years. Today it would take them 24 years. It’s no surprise that home ownership among 25- to 34-year-olds has fallen from 59 per cent just over a decade ago to just 37 per cent today.
The problem is caused by various factors, yet, an important part of the solution will come from embracing innovation to boost productivity in the traditional housebuilding sector that has been slow to modernise. By embracing innovation we will be able to quickly realise more homes for less money. Check out the white paper Fixing Our Broken Housing Market for insight into what the problem is in the UK and how they are fixing it. Also see this inspiring video below of what bio-concrete can do in this mission.
