Explore modular housing to solve housing crisis
Very often we hear from industry experts about solutions to end the housing crisis in London, but not all of them are welcomed wholeheartedly by the stakeholders concerned.
The latest buzz in the London property market is modular housing or prefabricated residential structures, which many believe is capable of increasing the affordability of homes, as building costs are lower compared with traditional construction techniques.
Modular housing is used in some of the developing economies, especially in China, where social housing projects are being commissioned within 6-8 months depending on the demand.
London is on the acute end of the housing crisis and may benefit from modular housing to ease the situation.
A recent report indicated that the services sector is likely to feel the impact of the housing crisis in London, as nurses, support staff and others are unlikely to be able to afford the high price of properties in Europe’s financial capital.
Two of the biggest advantages of modular housing are affordability and construction time. While a majority of the structures are built offsite and assembled on location, the time taken to build them is significantly shorter than traditional builds. As a consequence, the price of such properties (single bedroom apartments) is at least 35 per cent lower than standard non-modular builds (average cost £267,000). Other benefits of modular homes is that they are moveable. Yes, quite literally, you can ‘move house’ to a different location. They are also durable – lasting up to 60 years.
Where local authorities have incorporated modular housing into their social housing plans, they have reported annual savings, albeit small. If local authorities implement modular housing over the long term, the technique could help mobilise resources, allowing authorities to invest savings in other social housing projects. While modular housing has found popularity among the elected representatives, it still needs endorsement from a policy perspective so that local authorities fulfil their social housing commitments.
For information on London’s latest modular houses or to engage in property development or buy one of the capital’s most talked about new builds for sale, contact us.
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