Industry News: Positive noises about the UK housing situation

Financial Times

Labour's housing plans are a 'step in the right direction'

“In a speech on Monday, chancellor of the exchequer Rachel Reeves confirmed that a new draft of the national planning policy framework (NPPF) will be published shortly for consultation.” Click to read original article >>>

The new Labour government aims to boost growth by reforming planning and delivering 1.5 million homes in five years. Chancellor Rachel Reeves announced a new draft of the national planning policy framework (NPPF) for consultation. Planning consent has reached a decade low, with only 12 new local plans adopted in 2023. Previous Conservative attempts at reform faced significant challenges, resulting in delays in plan adoption.

Labour’s strategy includes reintroducing mandatory housing targets and reviewing green belt boundaries. However, the current method may not meet the 1.5 million home target, needing 290,000 homes annually. Transition timing from the current system and potential higher targets are crucial areas needing clarity. The real test will be implementing these changes despite local opposition.

Effective reform requires clear direction and addressing infrastructure issues like grid capacity and water availability. Although Monday’s announcements are positive, substantial progress is needed to tackle England’s housing crisis.

Picture of Author: Stuart Phillips

Author: Stuart Phillips

Fully CeMap qualified, Directly Authorised by the FCA and with over a decade of experience, Stuart has a wealth of experience in both specialist BTL and residential mortgages.

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