The UK’s housing stock offers the worst value for money of any advanced economy with households across the country paying more for less, analysis by the Resolution Foundation reveals.
A combination of high prices and old, cramped and poorly insulated buildings means the UK’s housing is the worst value for money.
The Foundation used OECD data to compare housing issues with other similar countries and found homes in England had less average floor space per person than similar economies including Germany, France and even Japan and New York City.
AVERAGE FLOORSPACE
The report revealed that English homes have less average floorspace per person (38 m2) compared to the US (66 m2); Germany (46 m2); France (43 m2); Japan (40 m2) and New York City (43 m2).
And overall Brits get 24% less housing per person than Austrians and 22% less than Canadians.
The UK’s housing stock is also the oldest of any of European countries, with a greater share of homes built before 1946 (38%) than anywhere else.
Just 21% of homes in Italy and 11% in Spain were built before the end of the war.
Housing in New Zealand offers the second worst value for money, followed by Australia and Ireland – all countries also gripped by housing crises.
HOUSING CRISIS
Adam Corlett, Resolution FoundationAdam Corlett, Principal Economist at the Resolution Foundation, says: “Britain’s housing crisis is likely to be a big topic in the election campaign, as parties debate how to address the problems of high costs, poor quality and low security that face so many households.
“Britain is one of many countries apparently in the midst of a housing crisis and it can be difficult to separate rhetoric from reality.”
He adds: “Looking at housing costs, floorspace and wider issues of quality, we find that the UK’s expensive, cramped and ageing housing stock offers the worst value for money of any advanced economy.
“Britain’s housing crisis is decades in the making, with successive governments failing to build enough new homes and modernise our existing stock. That now has to change.”
