The number of new build housing developments coming to market is at its lowest level since 2017, according to new analysis from Rightmove.
The property platform found that not since January 2017 have there been fewer new build developments coming to the market for sale.
Rightmove says that the figures come despite the current government’s target to bring 1.5 million new homes to the market over the course of the current parliament, and that the analysis represents a chronic shortage of the right homes in the right places, at affordable price points.
Rightmove is calling on the government to introduce a number of measures which it believes would increase the number of new homes being delivered. These include:
- The removal of stamp duty for first-time buyers across both new build and resale properties to unlock greater affordability for those at the start of the home-owning journey across the whole property market
- The 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
- Careful consideration of targeted demand-side support measures for first-time buyers to make it easier for them to get on the ladder
Alex Slater, Rightmove’s director of new homes, commented: “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.”
Steve Mariner, group sales & marketing director at Barratt Redrow, said: “The government has made good progress reforming the planning system, helping unlock more land for development. However, increasing regulatory costs are holding new homes back, while low customer confidence, higher borrowing costs and wider economic uncertainty are all making it harder for first-time buyers to get onto the housing ladder.”
“A new scheme to support first-time buyers, with developers contributing alongside the government, would help people achieve their dream of homeownership, get the market moving and see more homes built and more economic growth. For the first time in decades, there is no government support to help people in England buy their first home, right when it’s needed most.”
