Labour's plan to build 1.5m homes – can it be delivered? 👷♂️👷♀️
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As a summary, Labour are aiming to build 1.5 million homes over its first 5 years in power, by reforming planning and increasing council homes...
🔸 Planning reform...
🔸 Planning approvals are lowest since records began in 1979
🔸 Labour wants to make it easier for developers to build on so-called “grey” parts of the green belt
🔸 However, planning reforms can only achieve so much...
🔹 Labour is also pledging the biggest increase in social housebuilding in a generation
🔹 Most of 20th century saw councils playing a significant role, delivering up to 80% of homes in some years
🔹 However, 1980s and 2000s social housing delivery plummeted as governments opted for privatisation
🔹 Labour intends to change Right to Buy legislation to make it easier for councils to buy or build social housing with the money they make from the sales
🏠 More houses = lower prices
🏠 Lower prices sorely needed as most young people can't afford to buy or rent
Relative to annual earnings, housing has not been this expensive for well over a century 🫨
♠️ If economy is doing well and interest rates are low, housebuilders like to deliver homes because they are confident people will buy them
♠️ Barratts posted a slump in completions in its most recent results and said it would build even fewer homes next year
♠️ The big housebuilders don’t want to flood the market because then prices would fall
♠️ And if that's the case, how on earth will the 1.5 million homes be delivered?
💭 Perhaps a single-minded focus on building 1.5m homes over the next 5 years is not the right approach to solving the housing crisis... 💭
📩 To read more, visit the BBC's article in full here 📩
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