The New Labour Government Plan to Ease Affordability in the property market

A critical lack of housing undersupply is a well-known issue in the country’s housing market. Previous governments have promised to build more homes, but planning and financial obstacles have often hindered progress. Now, the new Labour government has stepped up with an ambitious plan to address this long-standing problem.

Labour has pledged to build 1.5 million homes over their first five years in office. This ambitious goal translates to 300,000 homes per year, mirroring the pledges of prior Conservative administrations. The urgency of this issue is highlighted by a Redfield & Wilton Strategies poll from June 21st, which places support for the ‘Build 300,000 homes a year’ initiative as a top 10 concern for voters. This reflects a positive shift in public sentiment and a broader understanding that increasing housing supply is essential.

For a generation of renters and prospective buyers, an increased supply of homes is crucial for improving affordability. Labour’s comprehensive approach includes significant planning reforms, the development of new towns, stronger powers devolved to mayors, and fast-tracked approval processes for urban brownfield sites. These strategies aim to overcome the traditional barriers that have stymied housing development in the past.

Labour’s commitment to these reforms, supported by insights from Dataloft, a PriceHubble Company, and the Department of Levelling Up, Housing & Communities, underscores the critical need to enhance housing availability. If successful, these measures could significantly ease the housing crisis, making homeownership and affordable renting a reality for more citizens.

As the new government sets its plans into motion, the nation watches closely, hopeful that this ambitious plan will finally turn the tide on housing affordability and provide a stable foundation for future generations.

At JDG, we would welcome more affordable homes across Lancaster and Morecambe and I’m sure many of our residents would welcome it too!

At JDG we love to chat property. If you are thinking of buying or selling, renting or letting, please get in touch. We are always here to help

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