In 2017, the UK Government announced they would build 300,000 new homes per year, in a bid to resolve the housing crisis. However, many have argued that far from a shortage of houses, the crisis is being caused by Brits being priced out of the property market. This was highlighted earlier this year, when research revealed that around 33% of millennials will rent into retirement, unable to ever afford to buy.

However, thanks to technology, new and innovative ideas could provide a solution, by delivering lower priced properties that can be constructed in a fraction of the time. Want to know more? Here are four ways technology can help to solve the UK housing crisis.

Prefab

When you think of the word ‘prefab’ you may think of the houses and apartment blocks built after World War II. However, due to advances in technology, sophisticated prefab houses can now be produced using high-quality materials and high-spec finishes.

In terms of the housing crisis, prefab construction could allow houses to be built much quicker. This provides two key benefits: faster build times and less labour. Both of these could reduce the overall costs of building a property, which could make ownership a more viable prospect. 

3D Printing

The creation of 3D printing was a huge technological breakthrough and could see massive advancements across different industries, including medicine, car manufacturing and of course, property.

One such example is in Eindhoven. The first of its kind, Project Milestone will create a development of houses all manufactured using 3D printing. The construction of these homes will be more environmentally friendly and cost-effective, through the reduction of waste materials – the printer will calculate and only use exact quantities – and as such, could aid the housing crisis.

Blockchain

The way we buy a home has remained much and such the same for decades. A process that can take many months, after viewing properties and securing a mortgage in principle, an offer is made, solicitors and surveyors carry out their work, and contracts can be exchanged.

However, blockchain could revolutionise this process through the use of smart contracts. As well as making each stage more transparent, this could reduce fees for solicitors and mortgages, helping more people to get onto the property ladder.

Alternative Housing

Lastly, in recent years, there has been an increase in the rise of alternative homes, packed with forward-thinking multi-purpose design. From living in narrow boats to converting shipping containers, these can offer cheaper and faster home solutions.

These could be particularly useful for creating temporary housing solutions, providing accommodation after natural disasters, or to be used as homeless shelters. 

From prefab homes to blockchain, there are many ways property could become more affordable and faster to construct, all thanks to technology.