Number of new build developments at lowest level since 2017 – Mortgage Finance Gazette
The number of new build housing developments is at its lowest level since January 2017, according to Rightmove research.
This is despite the Labour government’s plans to build more than 1.5 million homes during this parliament.
Rightmove analysis tracked the number of housing developments listed on its website for sale for over 10 years, not including retirement developments
Across the entire market, including new and existing homes, the number of properties for sale was up by 85% compared to four years ago.
Rightmove is calling on the government to do more to support new build development, including more investment in affordable housing and axeing stamp duty for first-time buyers.
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.”
