Lloyd added: “In England, there were approximately 4.5 million social homes, down from 5.5 million in 1979, thanks to long-term losses in demolitions, conversions, and inadequate rebuilding. Looking at social rent alone, over the past decade, there was a net loss of 177,500 homes in England. Meanwhile, the waiting list climbed to 1.33 million households last year, up 10% since 2022.
“Forecasts suggest this could rise to two million households by 2034 if social home building stays unchanged. With a growing base of people not working, the mismatch between supply and demand is acute.”
He continued: “For the current government, closing this gap will be hard, but Labour is keen to prove themselves and show results within their electoral term. There is hope things will change, but the complex economic backdrop of tighter margins, inflated costs and skill pressures on housebuilders weigh [heavily] against social need.”
Search Acumen said while this data assessed housing stock in England against the wider UK population, it still pointed to concerns faced by the current government around housing.
Managing profitability with demand
Search Acumen said the number of planning permissions granted for residential developments in England – which usually include a proportion of affordable homes – was almost half of the peaks seen in 2016, 2017 and 2018, representing a 41% decline.
The firm said this showed there was a need for housing providers to balance profitability with private demand.