It's a very reasonable first assumption to think that this is perhaps more alarming than the truth behind the headline, but actually this is only the tip of the ice-berg.
In terms of just being registered to vote, that is something that can be sorted out in time, and indeed there's plenty before the next general election. The reason this story is rather alarming is that it is being used in conjunction with incoming new constituency boundaries to gerrymander The Conservatives into a disgustingly undemocratic advantage.
Essentially, they want to base the new boundaries on registered voters, not actual population, as of 1st December 2015. Coupled with the fact that the 'reforms' to voter registration will disproportionately kick more people off the register in poorer areas -- as high as 22.9% compared to only 2.96% in wealthier areas.
So, yes, these poorer people (with less secure housing) will be able to sort out their right to vote in time for the next general election, but will be very hard pressed to get everything sorted out in time to be counted for the new constituencies, which were already expected to favour The Conservatives.
Poorer areas are going to be merged into fewer seats, meaning that the votes of the poor will carry less weight than the votes of the rich. It is tempting, I know, to think this is mere provocation or some sort of conspiracy theory, but I'm very sorry to tell you: This is actually happening!
What can be done is to work to get as many people back on the electoral register as humanly possible to limit the affect of this hostile take-over. If you thought your vote was meaningless with two similar parties vying for power, just wait until you've sampled living in a one-party state.
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