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Labour to miss 1.5m homes target, housebuilders warn OBR
Housebuilders say higher costs and sluggish demand threaten the UK's 1.5 million new homes goal by 2030, with only 200,000 added last year, says the Home Builders Federation.
- Ahead of next month's budget, housebuilders told the Office for Budget Responsibility that ministers will not hit the 1.5 million new homes target by the end of the decade, making an OBR forecast upgrade less likely.
- Developers say sluggish demand and higher regulatory costs from environmental and building-safety rules are to blame, while Neil Jefferson, Home Builders Federation chief executive, warns planned taxes and slow reform, including House of Lords delays, make many sites unviable.
- A National Housing Federation study found private building must expand faster than recent decades, while Lanpro’s analysis showed current housebuilding and planning starts would leave the government far short.
- The Office for Budget Responsibility downgrade increased pressure on the budget as analysts' estimates of a 30 billion to 20 billion shortfall heighten fiscal risk, officials say.
- A government spokesman pledged to accelerate reforms, citing planning reforms and a 39 billion investment in social and affordable housing.
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HBF letter to OBR warns that 1.5m housing target will be missed
The Home Builders Federation (HBF) have sent a letter to the Office for Budget Responsibility (OBR), warning that urgent action is needed to meet the 1.5m housing target As first reported in The Times, the letter states that in order to hit the 1.5m housing target, support for first-time buyers is desperately needed. The letter comes alongside the OBR downgrading UK productivity forecasts by £21bn as it is expected that the chancellor will raise…
Coverage Details
Total News Sources6
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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