The new housing minister, Kit Malthouse, is faced with the challenge of addressing the current imbalance between housing supply and demand. The process of buying a home is becoming increasingly competitive due to a dwindling supply of properties currently available, which also made the average price of UK real estate rising across the country.

For prospective homeowners is becoming harder and harder to make their first home purchase, while for current homeowners is harder to move up the property ladders. Therefore, it is important for the new housing minister to sustain the Government’s renewed approach to the housing market and build upon the reforms that were originally touted at the beginning of the year.

Moreover, the new Housing Minister must demonstrate strength in his leadership and look to creative new measures that help alleviate market demand for property in both the short and long term.

The Government’s target is to build 300,000 new build homes each year, but UK developers have questioned whether the UK has the resources and capability to deliver such a figure. According to a survey carried out earlier in the year, only 15% of respondents think the target is deliverable.

In order to make it more attainable, part of the Government’s housing strategy must be dedicated to supporting SME developers, a segment that currently suffers from numerous obstacles. For example, the majority (57%) of small developers find it hard to get access to finance and funding, said another survey.

Another issue is that more than 11,000 homes across the country have been empty for 10 year or more. To ensure more of these properties are listed on the market, the Government should encourage private investors or developers to renovate and refurbish derelict homes so that they can re-enter the rental and sales market. This approach could help with the housing crisis and end the imbalance between property demand and supply.