The number of new build housing developments coming to market is at its lowest level since 2017.
This has been revealed by an analysis tracking the number of housing developments being listed on Rightmove for sale for over 10 years, excluding retirement developments.
Not since January 2017 have there been fewer new build developments coming to the market for sale.
This would appear to be the latest blow to the Labour government’s target to bring 1.5m new homes to the market over the course of the current parliament.
The portal says: “There is a chronic shortage of having the right homes in the right places, at affordable price points, emphasising the need to build more.”
And it campaigns for radical action in this autumn’s Budget. It wants:
- Removal of stamp duty for first-time buyers across both new build and resale properties, unlocking greater affordability for those at the start of the home-owning journey across the whole property market;
- Government to go further with investment towards affordable housing provision, giving developers more certainty in this area, as well as help to provide much needed affordable homes; and
- Careful consideration of targeted demand-side support measures for first-time buyers to make it easier for them to get on the ladder.
A Rightmove spokesperson says:“First-time buyers underpin the whole housing market, but affordability and getting that first foot on the ladder is becoming more difficult. We need a set of reforms that go further, faster and work together, from stamp duty changes to more investment in affordable housing, to give this group a better chance of getting onto the ladder and keeping the market moving.
“Despite the historically high number of available homes for sale, there is still a long-term shortage of affordable homes in the right place. We need more homes to support people at every stage of the moving journey, from first-time buyers to downsizers.”
