Theresa May and the housing crisis in the UK.

For British Prime Minister Theresa May, one thing is of utmost importance that is, housing for the youth; understandably so. It is not easy for young people without family incomes to support them to find housing anywhere. Here is an excerpt from the speech given by Mrs. May on 5th of March, 2018 about the housing crisis-

“In 1997 the average home cost 3.5 times the average wage. By 2010, that ratio had more than doubled. Higher prices brought with them higher rents. So perspective first-time buyers found themselves able to save less and less even as the size of the deposit they needed grew and grew.”

One of Mrs. May’s proposals includes building new homes in disused shops and retail spaces. Answering questions after her speech she said “Retailing is changing, with buying more goods online, and one of the elements of the new planning rules we’re setting out is to make it easier for shops to be turned into housing if that’s appropriate, but also for development above retail units to take place” she proposed that extension upwards is one of the solutions to building enough homes.

Mrs. May in her speech said that the young are, justifiably, angry at being left out of the housing circuit. With their incomes barely enough to help them scrape by, buying houses without the support of their parents proving to be more and more difficult for young buyers. She proposed to lower the rates of housing for such prospective buyers. Doing this, however, required a united effort, said Prime Minister May. “It’s so important, not just for individuals, and for that British dream, but for communities, and people’s stake in the communities, that they’re able to feel that they do have a home of their own.” She said.

It has not been smooth sailing for May, however, receiving stern opposition from her critics. With many of them calling her plans “nonsense” and saying that the steps taken by her are not harsh enough. Sir Gary Porter, Tory head of the Local Government Association (LGA) stated that the only solution was for the Treasury to lift harsh restrictions on borrowing and allowing local authorities to build homes themselves.

“If we want more houses, we have to build them, not plan them. If we want cheaper homes, we have to build them, not plan them,” Sir Gary tweeted. He further warned, “The nonsense will go on and nothing will change. Less homes built next year than there were this year.”

Amidst all of this criticism, it can not be denied that the Prime Minister has taken the first step in the right direction. Hopefully, it will lead.