Is There a Housing Crisis in Basingstoke?

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The National Housing Federation recently published their report “Home Truths 2017/18” which offers an interesting insight into the property market across the country. Although the data is based on figures from 2017, and is therefore 6 to 9 months in arrears, there were some interesting figures for the Basingstoke and Deane market.



The report highlighted the following concerns for the Basingstoke housing market

 

·         Between 2012 and 2016 there was a short fall of over 2,343 homes – the second highest in Hampshire after the New Forest.


·         At over £326,000, the average home in the region now costs over 10 times the average salary.


·         A family seeking to buy the average home in Basingstoke now requires an income of more than £74,000
to afford a mortgage, making home ownership unattainable for many.


·         The cost of renting privately is also becoming less affordable. Average monthly rents now stand at £916, meaning local people spend almost 35% of their income on rent.
 
Maria Miller (MP for Basingstoke) cited upcoming developments such as Manydown (3,200 homes) and a further 750 homes in Beggarwood as evidence that Basingstoke and Deane have an ambitious housing development plan.
 
She also cited the Chapel Gate development in Kingsclere Road, which will be providing 578 new homes, of which 238 would be affordable housing.
 
There is no doubt however, as reported in previous articles, that this lack of new housing has been one of the major drivers behind house and rental prices in Basingstoke and across the country.
 
Since October 2017, there has been a significant slowdown in the housing market in Basingstoke, resulting in a slowdown in property and rental prices, and in some cases a slight decline.
 
As part of the Basingstoke and Deane housing plan, they expect to provide 40% affordable homes on qualifying sites such as Chapel Gate through to 2029.
 

 



Location: Basingstoke, UK

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