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.
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.
I’m assuming this number is so high in the UK because the rest of Europe had much if its older housing destroyed by war and subsequently rebuilt after WWI and WWII.
Sweden has prioritized extra insulation since the oil crisis in the 70’s. I think it’s not only about countries being bombed in WW II, but also about bigger political decisions.
Edit: Boned? Go home autocorrect, you’re drunk!
They made sensible decisions after the oil crisis showed they could be kneecapped at any moment? What is this heresy? [Climbs up ladder into truck.]
Same time period that the Netherlands went all-in on making it safe and popular to cycle everywhere.
In Germany (and other European nations) it’s easier to get planning permission to demolish existing houses and then self build.
one of Kirsten Dirksen’s videos also mentioned in EU in addition to permitting, it’s often cheaper to demo and build than renovate
So many houses on the market that are essentially just ruins by modern energy standards. In many cases you have no choice but to completely start anew. The issue is that the prices don’t reflect that. You have a house built in the 60s with oil heaters and no insulation going for 700k or more. So you will be out for the house/land, the demolition and then a new house as well. On the other hand trying to renovate the same house would probably be the same amount of money but you are still living in an old house.
Here is an alternative Piped link(s):
cheaper to demo and build than renovate
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Looking at my last 4 NYC apartments, how is that even physically possible?
Older housing being smaller shouldn’t surprise anyone.
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!
