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Housing Strategy 2018 to 2023

Challenges for our housing market

The Strategic Market Housing Assessment (SHMA) undertaken in 2016 identifies that there is a need for 9,130 new dwellings over a 15 year period. The Council's emerging Local Plan will identify sites to meet this need. Whilst there is a requirement for new homes to meet our community needs and contribute to economic prosperity there is an equal need to address challenges within existing housing stock. In addition to providing new homes in the right locations the Council is also committed to improving the private rented sector; tackling empty homes and regenerating neighbourhoods that are suffering from housing market imbalances.

The Housing Strategy for Stockton-on-Tees comes at a time of significant change and reforms; we have had to think innovatively about how we continue to deliver quality services with fewer resources. A key impact of welfare reforms has seen some of our residents having less income to spend on housing, which has increased the need for affordable housing, especially for families who can no longer afford to buy or rent a home at market values. This problem is further exacerbated by a reduction in the number of new affordable homes being built and the mis-match of available housing stock to meet our residents' needs.

The Office for National Statistics (House Price Affordability in England and Wales) identifies the Median House price in the borough was £140,995 for the year ending September 2017 and the Median gross annual residence-based earnings are £26,445 for the year 2017. This gives an affordability ratio of 5.33 which is the highest since = 2008 (least affordable) and higher than the other Tees Valley Authorities. However, this is lower (more affordable) than 87% of other Local Authorities in England and Wales.