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UK: Industry body Open Property Data Association (OPDA) has called on the government to develop a long-term housing strategy against market volatility.
OPDA said the government’s current strategy of increasing housing is “thin”. With ongoing market shocks due to the US-Israeli War on Iran, mortgage rates have risen above 5 per cent. Organisation chair Maria Harris said that’s made sellers withdraw products and buyers more wary to spend.
In addition, the Office for Budget Responsibility reported the goal of 1.5 million new homes by 2030 is unlikely to be met. OPDA claimed the government could beef up its housing system by modernising underlying infrastructure.
“Just as the government has recognised the need for long-term energy security, we now need a long-term housing strategy that builds resilience into the system,” Harris said. “Short term interventions can only soften the impact of global events. What we need is a modern, data driven property market that can withstand them.”
Last week, data from the Department of Trade and Business found homebuying Smart Data could add £14.1 billion in social value and £2.06 billion to GDP annually by 2043 — the most impactful Smart Data integration over all sectors studied.
Harris said that as global shocks continue to test the UK economy, adding data infrastructure is an important step in stabilising the real estate market.
“Building more homes is only part of the solution,” Harris said. “Just as energy resilience requires investment in the grid, housing resilience requires investment in the digital infrastructure that underpins the market.”
Highlights:
- The Open Property Data Association has called on the government to develop a long-term housing strategy, arguing the current focus on increasing supply is insufficient amid market volatility.
- Ongoing global shocks, including the US-Israeli war on Iran, have pushed mortgage rates above 5 per cent, prompting sellers to withdraw products and buyers to hesitate.
- The Office for Budget Responsibility has reported the government’s target of 1.5 million new homes by 2030 is unlikely to be met.
- OPDA chair Maria Harris stated the UK needs a modern, data-driven property market to build resilience, comparing the need for housing data infrastructure to long-term energy security investments.
- Department for Trade and Business data found homebuying Smart Data could add £14.1 billion in social value and £2.06 billion to GDP annually by 2043, the most impactful integration across all sectors studied.
