Rate of house building must accelerate to hit five year target.
July, 2024
The government has made clear its commitment to getting new homes built to address the housing crisis and surveys show that growing numbers of people are on-side with the idea of new developments.
But, it will be challenging. Only 114,000 new homes were built in the first half of 2024 in England and Wales, 11% fewer than the same period of 2022, according to DLUHC.
Indeed the NHBC, who log completions in a different way, suggest that the rate of new home delivery will need to more than double if we are to deliver 1.5 million homes over the next five years.
The urgency to reverse any downward trend is clear and much hope is hanging on the Planning and Infrastructure Bill to create a more efficient and better-funded planning process.
The government has also announced new home-buyer incentives alongside the planning changes, as well as infrastructure investment in power grids, water supply, and roads – all of which should oil the wheels of new home-building.
Source: Dataloft by PriceHubbleNHBC, DLUHC, Number of Energy Performance Certificates (EPC) for new dwellings lodged on the Register in England and Wales. July 2024
