The Home Builders Federation and National Housing Federation are urging for measures to support first-time buyers and social housebuilding, as a Savills report shows that without intervention, the government will miss its 1.5 million homes target by nearly 500,000 homes.
Real estate services provider Savills has considered whether there is “realisable demand” for 300,000 new homes per year in England during the late 2020s. The report for the HBF and NHF estimates a shortfall of between 40,000 and 95,000 homes per year if “business as usual” continues.
The research points out that new build private homes typically represent about one tenth of total private sales in any given year, with existing homes dominating the market.
Therefore, there would need to be total sales of more than 2 million homes per year to achieve 200,000 new private home sales. Without funding for first time buyers, total sales would likely be around half this level.
HBF and the NHF said that plugging the gap would need demand support, including a “more targeted version” of Help to Buy.
And a substantial increase in grant funding for affordable housing would be a “more direct and countercyclical boost to delivery”, the …
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