The UK government will not achieve its pledge of delivering 300,000 new homes a year until 2028, according to analysis from property development firm StripeHomes.
In 2017, the UK government pledged to build 300,000 new homes a year by “the mid-2020s.”
However, StripeHomes says the data shows that the government has only just managed to break the 200,000 homes a year mark.
Back in 2006 the then-Labour government delivered 223,500 new homes. This number fell in the years following the financial crisis of 2007 and has not been achieved again.
The 200,000 mark was only breached again in 2019 when some 214,000 homes were delivered. The 2020 figure has not yet been released although some analysts suggest an estimated 225,000 homes were delivered - however, this has not been officially confirmed.
By analysing historic delivery performance since 2005, StripeHomes has also looked at the estimated time frame required for the government to actually hit its target of 300,000 new homes per year.
The data suggests that in 2021 some 235,500 homes will be delivered; this will grow year-on-year but the target of 300,000 will not be reached until 2028.
“The government knows full well how bad the housing situation in the UK is, and they also know that delivering 300,000 new homes every year is a monumental task, not least at a time when global and local economies are in such flux following the pandemic” says StripeHomes managing director James Forrester.
“But if we’re waiting until 2028 to reach this much-needed target, we’re waiting far too long, especially when England alone currently has over 93,000 households in temporary accommodation and 1.1m households currently on the waiting list for a social home.
“Finally, the availability of new homes must also be matched by affordability. Yes, prices will fall slightly if supply is increased, but it’s more about ensuring that homes are built in the areas where they’re most needed and being made easily accessible to those people who need them.”