A healthy, vibrant housing market is an essential part to the UK’s economic, social and environmental well-being. It is unsurprising then that political parties have chosen to invest significant political resources and messaging into housing, and this is exactly what is being seen in the run-up to the 2024 General Election.
As parties release their visions for the housing sector, with varying house-building targets and reforms to planning, renting and energy efficiency, among other matters, We will be analysing the implications for the sector and what it means for homeowners, renters, and those who play a critical role in housing supply, development, buying and selling.
Since 2010, 2.4 million new homes have been delivered, and the announcement by the Conservatives to build an additional 1.6 million over the next government term is ambitious. That equates to over 300,000 new homes a year – a figure which hasn’t been achieved since the sixties, a period during which the public sector and SME housebuilders had a far greater role in housing delivery. And while it’s encouraging to see the Conservatives committing themselves to supporting small builders, this will not address the quagmire of laws that make up Britain’s restrictive, and politically permeated planning system.
To begin improving affordability levels the UK must build more housing; there is currently a shortfall of 4.3 million homes in the UK by some estimates[1]. While a stamp duty cut would help in the short-term by enabling more buyers onto the first rung of the property ladder, it’s vital that we learn lessons from the past and introduce policies that address the plethora of structural issues that exist within house building.