Labour under pressure to deliver new housing as ‚1.5 million homes don’t build themselves‘ | Personal Finance | Finance

Keir Starmer put building new homes at the heart of Labour’s election campaign however property experts say only radical action will make this happen.

Labour’s manifesto included a pledge to build 1.5 million homes over the lifetime of the parliament.

The party has indicated that existing planning controls will need to be swept away with some new towns put on the drawing board.

Michelle Lawson, Director at Lawson Financial, said: “Keir Starmer has now got a momentous uphill struggle to meet his promises in the manifesto.

“1.5m houses don’t build themselves and affordability won’t be transformed overnight.”

Samuel Mather-Holgate, Independent Financial Adviser at Mather and Murray Financial, said: “This is a momentous moment for the UK’s homeowners and those who aspire to get on the property ladder. Finally we will have a government focused on stimulating a stagnant housing sector.

“Expect to see incentives for buyers, builders and even sellers.”

Kim McGinley, Director & Specialist Broker at VIBE Finance, said: “The new government will be judged on what they do next. The manifesto contained words but now we need action to solve what has been a decades-long issue.”

Bob Singh, founder at Chess Mortgages, told Newspage: „The Government needs to bring stability to the housing sector quickly and should consider making some departments, including housing, non-political and external.

“With mortgage rates on the way down, inflation finally tamed, and a potential base rate cut looming, Keir Starmer’s job has been made a lot easier.”

Stephen Perkins, Managing Director at Yellow Brick Mortgages, said: “What matters now is how Labour will fund and deliver their stated housing policy.”

Ben Perks, Managing Director at Orchard Financial Advisers, said the property market is looking for the Bank of England to cut base rates to boost sales in the second half of the year.

“The next meeting of the Bank of England’s Monetary Policy Committee in August will arguably have a more immediate impact on the property and mortgage markets if the outcome is a cut to the base rate,” he said.

Craig Fish, Director at Lodestone Mortgages & Protection, said: “Labour now have a real opportunity to correct all the wrongs in the UK, one of the biggest being the housing market.

“They will be under scrutiny like no party has ever been before. If they get things right, the housing market could be very busy going forwards.”

Simon Bridgland, Director at Release Freedom, said: “It’s time for real and purposeful action around housing now, not political rhetoric. Too many Governments have failed to solve the housing crisis as even the best plans rarely survive contact.”

Justin Moy, Managing Director at EHF Mortgages, said: “The weeks and months ahead will be a barometer as to whether Labour truly want to deliver on housing, or will simply tread water for the next five years like countless other administrations.

“New build developments need to cater for single first-time buyers, and mortgage rates need to fall to help all borrowers.”

Barratt Developments chief executive, David Thomas, said: “The country urgently needs more new homes, of all types and tenures.

“We look forward to working with the new government to help them build 1.5 million homes across the next parliament, unlocking planning and helping first-time buyers access affordable finance, ultimately helping more families own a high quality, sustainable, new home.”

Propertymark chief executive, Nathan Emerson, said: “We have seen a chronic undersupply of affordable new housing for many years.

“Sustainable housing is the foundation for any strong economy and there must be clear and well thought out plans that inspire investment and improve supply moving forwards.”

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