Housing demand is always on the increase in most countries where there is development taking place, and people keep migrating to urban centres in search of jobs. Moreover, with many people putting off marriage in pursuit of a career and the number of divorces increasing, the demand for housing is fuelled further. People also are aspiring for a greater standard of living and wish to move into bigger houses - and those staying in a rented house now want to own a house. All this is putting a lot of strain on the existing stock of housing inventory in the UK.
Cities have become crowded due to immigration, and while the countryside is still vacant, many prefer to only visit it during holidays and they have set up farm houses specifically for that purpose. This has resulted in the prices of real estate going up in the countryside as well.
The only choice for people now is to turn to housing associations. These associations have proven to be quite useful in the past when similar crises for housing emerged, and getting land at cheap prices became impossible for the common person. The housing associations were able to come out with affordable housing plans, taking the help of legal provisions and reforms. They were able to acquire land at cheap prices from the developers who were hitherto not willing to part with any percentage of their real estate inventory.
Of course, the legal reforms brought in also made it easier and commercially viable for the developers to part with their land mass. The housing associations then built houses on such lands, and were given the authority to either rent them or sell them to interested first-time serious purchasers. This led to a softening in the speculative activity that was pretty rampant in the real estate industry, and which pushed up land prices beyond the reach of the working class.
The housing associations in the UK had permission from the Government to either sell or rent out the houses built both in the urban as well as in the countryside, at rates that were affordable. Serious purchasers also had the option of taking loans to buy the house they wanted and those preferring to take them on rent were given the choice of selecting houses that were closer to their place of work if they could afford the rent in question.
Another scheme that these associations launched was the option extended to the buyer of initially taking part ownership of the house and paying the remaining amount through subsidised rents over a period of time. They had the flexibility to make the remaining payment any time they could afford, and obtain ownership of the house.
The choice of resale properties was yet another facility that these associations offered the working class, and as long as you paid the entire amount, you could gain 100 percent ownership of the property.
These housing associations in the UK have really transformed the situation from one of desperation to something where everybody can now hope to find shelter at reasonable rates.
Author Resource:-
Gallions housing association offers affordable housing in London and the South East. Find out more about our affordable housing schemes today.
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