More homes promised
06/07/2024
A critical lack of undersupply is a well acknowledged characteristic of the housing market in this country. Previous governments have pledged to build more; but planning and financial obstacles have often got in the way.
Labour have pledged to build 1.5 million homes in their first 5 years. This equates to 300,000 a year; in parallel with prior Conversative pledges.
Support for 'Build 300,000 homes a year' rides high as a Top 10 issue for voters (Redfield & Wilton Strategies poll on 21st June) reflecting a positive shift in sentiment and more widespread understanding that more homes need to be delivered.
An increased supply of homes is critical for affordability for a generation of renters and would be buyers. Labour certainly has ambitious plans to reform planning, build a new generation of towns, devolve stronger powers to mayors and fast track approval for urban brownfield development.
Source: Dataloft a PriceHubble Company, Department of Levelling Up Housing & Communities. June 2024
