300,000 New Homes a Year- A Realistic Proposition?

By in Blog with 0 Comments

As anticipated, fixing the broken housing market formed the crux of the Chancellor, Philip Hammond’s budget with a bold claim to build 300,000 new homes per year by the mid-2020s, supported by £44bn of direct capital funding as well as a suite of other financial measures.

According to current population projections, the number of households in England is set to increase by over 4 million over the next 20 years, equivalent to over 211,000 new households per year. Over two thirds of the target would be required to keep up with growth at that level, and the rest would help alleviate the pent-up demand from young people locked out of the market since 2008.

In the year to March close to 148,000 new homes were completed across England, the highest level since the financial crisis, but considerably below the government’s new target. According to official government data, annual new construction last hit 300,000 nearly 50 years ago (1969-1970) and back then, 47% were built by the public sector.

While supply at this level should undoubtedly help address affordability, leading commentators have forecast prices to rise across the UK by around 12%-14% over the next five years. Although more moderate than in the recent past tackling affordability in the housing market will not be an easy win.

Share This
George Tatham-Losh

Since forming the business in 2009, our founder, George Tatham-Losh, has become highly regarded as the local go to expert for advice on maximising property values and getting the most out of property investments, regularly speaking at events and holding well attended seminars. Born and raised in Cheltenham, George knows the town and County like no other and knows what works in the area. Alongside George is a specialist team of agents with a wealth of experience to help you sell, buy, let or rent property in Gloucestershire.

Blog Post Disclaimer

This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the blog owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.

All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

Downloadable Files and Images Any downloadable file, including but not limited to pdfs, docs, jpegs, pngs, is provided at the user’s own risk. The owner will not be liable for any losses, injuries, or damages resulting from a corrupted or damaged file.

Comments Comments are welcome. However, the blog owner reserves the right to edit or delete any comments submitted to this blog without notice due to :

  • Comments deemed to be spam or questionable spam.
  • Comments including profanity.
  • Comments containing language or concepts that could be deemed offensive.
  • Comments containing hate speech, credible threats, or direct attacks on an individual or group.

The blog owner is not responsible for the content in comments.

This blog disclaimer is subject to change at anytime.

If in considering action upon the contents of this blog, one should always seek professional advice.

We Won Banner We Won Banner