“The UK’s Homes Offer Worst Value for Money Compared to Advanced Economies, Analysis Finds”

Analysis by the Resolution Foundation has revealed that the UK’s homes offer the worst value for money of any advanced economy. With a combination of high prices and old, cramped, and poorly-insulated buildings, households across the country are paying more for less when it comes to housing.

One of the key factors contributing to this issue is the lack of space in UK homes. The analysis compared housing data with other similar economies and found that homes in England have an average floor space of 38 square meters per person, significantly less than countries such as the US (66 m2), Germany (46 m2), and France (43 m2). This means that Brits get 24% less housing per person than Austrians and 22% less than Canadians.

Additionally, the UK’s housing stock is also the oldest in Europe, with a greater share of homes built before 1946 than anywhere else. This contributes to poor quality and lack of modern amenities in many UK homes.

Adam Corlett, Principal Economist at the Resolution Foundation, highlights the importance of addressing the housing crisis in the upcoming election campaign. He emphasizes the need for parties to debate how to tackle the problems of high costs, poor quality, and low security faced by many households.

Corlett states, “Britain is one of many countries apparently in the midst of a housing crisis, and it can be difficult to separate rhetoric from reality. Looking at home 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. It is time for a change in how we approach housing policy.”

As the housing crisis in the UK continues to worsen, it is clear that transformative action is needed to improve the quality, affordability, and sustainability of housing for all residents.