Homes in England are more cramped than those in New York City, according to new analysis that showed UK property offers the worst value for money in the developed world.
The Resolution Foundation found that the UK has the oldest properties in Europe and English homes have less floorspace than many international peers, notably Germany, France and Japan. With 38 square meters on average per person, London homes are even more cramped than those in New York City.
The findings, which also show UK housing costs are also more expensive relative to general prices than in any OECD country, underscore the scale of the housing crisis in Britain. Many younger Britons are struggling to get a foot on the property ladder due to soaring prices, and the issue is rising up the political agenda ahead of an election expected later this year.
“By looking at housing costs, floorspace and wider issues of quality, we find that the UK’s expensive, cramped and aging housing stock offers the worst value for money of any advanced economy,” said Adam Corlett, principal economist at the Resolution Foundation. “Britain’s housing crisis is decades in the making, with successive governments failing to build enough new homes and modernize our existing stock. That now has to change.”
The Resolution Foundation found that if all UK households were “exposed to the full brunt of the housing market, the UK would devote the highest share of overall spending to housing” to every OECD country except Finland.
Some 38% of UK homes were built before 1946, higher than the level of 29% in France, 24% in Germany, 21% in Italy and 11% in Spain. That means British properties by comparison are poorly insulated and come with higher energy bills.
Looking at my last 4 NYC apartments, how is that even physically possible?
Our housing and rental laws are almost exclusively written by landlords and property developers. With “no fault evictions” you literally can’t even withhold rent for major disrepair. I mean, you can in theory but the work around makes it useless. New-builds here are far worse than the housing stock made immediately after WW2, due to the appalling standards they’re allowed to build to. You just have to hope its not been covered in illegal, ultra flammable cladding that the developers don’t have to pay to fix.
Withholding rent isn’t that common in my experience. I learned this while watching a French roommate in Argentina nearly get evicted and while being shocked that it could happen.
This is the best summary I could come up with:
Homes in England are more cramped than those in New York City, according to new analysis that showed UK property offers the worst value for money in the developed world.
The Resolution Foundation found that the UK has the oldest properties in Europe and English homes have less floorspace than many international peers, notably Germany, France and Japan.
Many younger Britons are struggling to get a foot on the property ladder due to soaring prices, and the issue is rising up the political agenda ahead of an election expected later this year.
“Britain’s housing crisis is decades in the making, with successive governments failing to build enough new homes and modernize our existing stock.
While higher interest rates cooled the surge in house prices, rents in the UK and London are rocketing at the fastest pace on record.
Estimates by Capital Economics show that this now should be closer to 385,000 to bring real house price growth in line with the European average.
The original article contains 405 words, the summary contains 163 words. Saved 60%. I’m a bot and I’m open source!
Old houses aren’t necessarily a problem size-wise. The main problem in my town is people buying old houses, splitting them into four or six of the smallest flats imaginable, then renting them out.
I wonder how much land access affects this. It’s easy to build bigger properties when you’ve got a lot of land. The UK has much less land area compared to the US or even France, Spain, Sweden, Germany, Finland, Norway, Poland and Italy. Not all of that land is actually buildable, either.
Still not a great position to be in, either way.
