A recent report commissioned by Hallam Land and conducted by Rettie & Co. has emphasised the pressing need for more private housing development in North Lanarkshire. The study exposes that over 32 per cent of households in the area are facing some form of housing need, a higher figure compared to the Scottish average of 28 per cent. This demand for housing arises from household growth and increasing housing requirements, yet North Lanarkshire has experienced a substantial decline in private housing provision since the 2008 financial crisis.
Despite the escalating demand, the completion of housing units has remained significantly below pre-2008 levels, with only one to three new homes per 100,000 people being delivered for much of the past decade. Concurrently, house prices in North Lanarkshire have doubled since 2003, leading to affordability challenges. This situation has widened the gap in housing inequality and created a shortage of opportunities for homeownership, particularly affecting young individuals aspiring to possess their own homes and reside within the local authority area.
The report indicates that the current shortfall in housing delivery is exacerbating economic, social, and affordability concerns in the region, with 600 households experiencing homelessness or residing in temporary accommodation, 10,000 households facing overcrowded conditions, and 12,000 households struggling financially due to high housing costs. Dr John Boyle, Rettie & Co.’s director of research and strategy, emphasised the necessity for increased levels of all tenure housing, including private market housing, to cater to unmet housing demand in the region.
Gary Smith, executive director at Hallam Land, stressed the significance of reports like these in providing a comprehensive overview of the issue. By addressing the housing gap through new developments, opportunities for potential homeowners can be created, along with freeing up additional housing in the local market. Smith highlighted that the estimated economic impact of delivering private housing in North Lanarkshire includes supporting over 3000 jobs and contributing £133 million to the local economy, underscoring the broad benefits of advancing housing developments.
In conclusion, private housing development offers a viable pathway to enhance affordability, boost homeownership rates, and stimulate long-term economic growth in North Lanarkshire. As the region seeks to recover from years of underperformance, taking proactive steps towards increasing housing provision will be crucial in addressing the prevalent housing needs and driving sustainable prosperity for the community.