Brexit is Done! So now we need to concentrate on building new homes | BRAC Developments

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Brexit is Done! So now we need to concentrate on building new homes

20.02.2020

With the Brexit saga finally coming to a close and Britain officially leaving the EU, a modicum of certainty has returned to the housing market. We can’t predict the nature of any future trade deals with Europe, but at least investors can now chart a course forward for the country – and that has to be a good thing.

The opportunity to build new housing, therefore, is upon us. Britain knows that it will be leaving the EU for good by the end of 2020, and home builders now need to accommodate that new reality. Fortunately, making decisions about where to invest and how many units to build is a lot easier than it was just a few months ago.

The UK Requires More Homes

The UK leaving the EU on January 31st, 2020, didn’t come a moment too soon. Years of political wrangling put the construction sector in an awkward position. Many top bosses in the industry didn’t know which direction to take. With the path now much clearer, leaders in the industry can now focus on meeting predicted demand.

The UK desperately needs more homes. Current estimates from Heriot-Watt University suggest that the country must build at least 341,000 new homes per year between now and 2031 to keep up with demand – a staggering number.

With current planning rules, however, that is going to be difficult. In most cases, developers are not allowed to build on greenbelt land which surrounds nearly every town and city in the country.

So, what’s the solution? If you ask companies like BRAC Development, it is to build upwards, not outwards.

Building New Homes on Roofs

The new homes solution of building on the roofs of existing buildings to save green land has been around for a long time now. For years environmentally conscious people have been pushing the idea that we should stop encroaching on nature and build denser accommodation in cities instead. Urban sprawl, they say, must come to an end.

Roof Space Is Valuable Land

The opportunities for the owners of buildings to make money from these kinds of projects is substantial.

With the fading of Brexit uncertainty and a more definite direction for the future of the UK, now is the time to build new homes. Demographic data suggests that the population of the country will continue to grow, owing to a combination of high fertility rates and immigration. If the UK is to thrive economically, it needs enough housing to go around. With restrictions on where developers can build, the only option may be air space development on top of existing buildings in urban areas and this is exactly where we’re headed.