New study shows Labour's housing promise might not help first-time buyers
Recent analysis reveals unexpected details about Labourʼs 1.5 million homes building plan. Research suggests that half of these properties wont be available for purchase‚ affecting first-time buyers hopes
A new study shows that Angela Raynerʼs housing plan has some un-expected details: only 750‚000 of promised 1.5 million homes will be for sale in the next five-years
The research (done by Savills and National Housing Federation) points out that other houses will be split between social housing and build-to-rent projects; this comes as home-ownership in England dropped from 71% to 65% since early 2000s
Planning problems make the situation more complex - permits dropped from 325k to 232k in last few years. Neil Jefferson from Home Builders Federation says its harder than ever for first-time buyers‚ because thereʼs no help-to-buy support for the first time since 60s
Hereʼs what the current housing split looks like:
* About 20% are affordable homes
* Around 10% are build-to-rent
* Rest goes to private market
The Ministry says: “We need more homes to fix our broken system; well build 1.5 million in 5-years“ - but Jacqui Daly from Savills describes UK house-building outlook as “extremely poor“
Current building rates show only 210k homes per-year being built‚ which is way below the target. Experts say theyll need to build 350-400k yearly in later years to catch-up with the plan‚ but without buyer support programs private sales (now at 1m per-year) wont grow much
