Luton, one of the most popular towns in the London commuter belt, is in desperate need of additional housing if it is to keep up with rising demand for homes, according to Project Etopia.
The firm, which specialises in delivering modular smart homes, released a report highlighting the locations across the UK that are experiencing the most difficulty in keeping up with government building targets.
22 years behind
According to the findings, councils across England are more than six years behind on average in their efforts to meet housing development goals, based on objectives set out in the government’s ten-year plan to 2026.
The situation is particularly concerning in Luton, which is reportedly 22 years behind the rate of building required to meet demand for housing.
Project Etopia claimed the Bedfordshire town is one of three areas outside London that are more than 20 years behind the necessary rate of development, the others being Southend-on-Sea (34 years) and York (25 years).
Of the 316 locations covered by the study, only 75 are keeping pace with housing requirements, with 241 already running a deficit just one year into the government initiative.
Joseph Daniels, chief executive of Project Etopia, said it was “alarming” to see that so many areas have already fallen so far behind.
“If the pace is not rapidly picked up, we will be in an even deeper black hole in ten years’ time than we are in now,” he added.
“Housing need is plain for all to see but not enough is being done about it. There is an air of complacency – everyone knows we need to build more houses and fast, but not enough decisive action is being taken to ease the crisis.”
Strength of demand
One of the biggest consequences of the severe undersupply of homes in areas such as Luton is high demand for available housing.
While this imbalance between supply and demand is not necessarily a positive scenario for the housing market as a whole, it does offer a benefit for buy-to-let investors looking for assurances that their properties will attract the interest of renters.
Reliable demand from tenants who want to live in desirable areas such as the centre of Luton fuels consistent rental yields and reduces the risk of void periods.
Buyers keen to make the most of the current housing situation in London’s commuter belt now have the opportunity to invest in Imperial Square, an off-plan apartment complex in the centre of Luton being delivered by the award-winning Opto Property Group.
On-site facilities including landscaped gardens, dining areas, a club lounge and a 24/7 concierge service will help to ensure this development grabs the attention of people looking for desirable living space a short distance away from London.
Benefits for investors include discounts of up to 10 per cent for those who purchase early and the best pick of available units.
These incentives could make Imperial Square the perfect option for buyers looking to gain maximum benefit from the current surplus of demand for housing in Luton.