Reductions in house-building announced by two major companies in blow to Government target

It's bad news for the Government’s aim to build 300,000 homes a year by the middle of the decade CallumCMason reports:

House prices have dropped in the past 12 months due in part to the increased cost of borrowing after 14 consecutive Bank of England interest rate rises.

But most deals now are priced at over 6 per cent, meaning the same mortgage size would cost at least £600 more per month, meaning households cannot afford to pay as much for homes. “If the Government is unable to meet its housebuilding targets, then this is clearly a blow for all of those who want to see the access to high-quality housing improve.that more new properties were needed to bring down prices for buyers and renters.

Around 233,000 new homes were supplied in 2021/22, but housing secretary Michael Gove said in an interview last year that the government was still committed to a manifesto pledge of building 300,000 every year by the mid-2020s.

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