( CNN ) It 's the home of British politics , steeped in history , tradition and centuries-old pomp . But could the ornate splendor of the UK 's Houses of Parliament be about to offer a solution to London 's housing crisis ? In all honesty , probably not . However , that has n't stopped housing campaign group , Generation Rent , from proposing to transform the Palace of Westminster into affordable new homes . The group 's eye-catching idea is to move the seat of British democracy from one of London 's most exclusive neighborhoods to a new location in the city of Hull , northern England . The vacant House of Commons and House of Lords ( the UK 's upper legislative chamber ) left behind would be converted into 364 flats of varying size and scale with prime office space facing the River Thames . According to a press release on the proposal from Generation Rent , 335 MPs from all over the UK currently rent second homes so they can carry out their parliamentary duties more effectively . They claim expenses for doing so cost the taxpayer £5.26 million ( $ 8 million ) in 2013 alone . By moving the seat of government to Hull , a city with the cheapest housing rent in England , millions could be saved in expenses as well as staffing costs , the group claims . Westminster is one of the most expensive boroughs for property in London , according to research from house moving firm , Delivery Quote Compare . The ever-rising cost of property in the UK capital , meanwhile , is making it increasingly difficult for many to buy or rent in central areas of the city . A January report from rental referencing company , Homelet , also found that average rental prices in Greater London were more than double that of those found in the rest of the UK . `` We hope our proposal gives MPs a sense of humility and some urgency to ending the housing crisis , '' said director of Generation Rent , Alex Hilton . Yet even if the Generation Rent proposals were seriously considered , they could come unstuck by the dilapidated state of the parliament building itself . Speaker of the House , John Bercow , said Monday that repairs needed to bring the nineteenth century structure up to scratch could come close to £3 billion ( $ 4.6 billion ) . A 2012 study entitled `` The Restorations and Renewal of the Palace of Westminster '' found that the building could suffer permanent damage if work was not undertaken to stem leaks , repair crumbling stonework and remove asbestos .
the campaign group proposes to convert Houses of Parliament into affordable housing estates . it is one of the most expensive areas of London for buying or selling property . Parliament could require restoration work costing $ 4.6 billion .