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Labour has set a target of 1.5 million homes in England
Jul 9, 2024
Labour has set a target of 1.5 million homes in England London
By   Internet
  • City News
  • Labour Housing
  • Housebuilding in England
  • property investment
Abstract: The Labour Party in England has recently announced its reintroduction of housing construction targets, aiming to build 1.5 million homes during the next parliamentary term. This initiative is designed to address the longstanding housing crisis in the UK and encourage private sector involvement in investment and construction.

Chancellor Rachel Reeves emphasized that Labour's strategy focuses on incentivizing private sector investment in housing construction rather than direct government intervention. She stated, "We need the construction industry and housing development sectors to achieve this goal, and we will not directly intervene in the business of housing construction." Reeves also highlighted that affordable housing and social housing will be key priorities for Labour, with Deputy Prime Minister Angela Rayner taking intervention measures to ensure the right housing mix is achieved.


In addition, the Labour Party plans to review greenbelt policies and intends to build housing in "grey areas" – regions with lower greenbelt designation. They have committed to strengthening recruitment of planning officials to expedite the planning and execution processes necessary to support this extensive housing construction plan.


Labour has set a target of 1.5 million homes in England

propertywire.com


The housing development industry has responded positively to Labour's initiative. Rick de Blaby, CEO of Get Living, welcomed Chancellor Reeves' actions in addressing the UK housing crisis. He believes Labour has taken necessary steps to enable the industry to more quickly deliver housing that meets market demands and to kickstart major projects stalled due to the current planning system's inadequacies.


De Blaby further agrees with Reeves' stance that attracting private capital is crucial to solving the UK's housing issues. Estimates suggest that the global capital investment needed for rental housing alone over the next seven years amounts to £250 billion. He emphasized the crucial role long-term investors play in driving the market towards increased demand for rental housing and substantial growth in affordable housing.


Looking ahead, de Blaby pointed out that how the new government advances the latest developments in the Tenant Reform Act will be critical. He believes future legislation must attract global capital while ensuring necessary protections for UK residents, emphasizing the importance of balancing demand with safeguards.

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Labour has set a target of 1.5 million homes in England
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