The number of new housing developments has reached its lowest level since January 2017, according to Rightmove research.
This comes despite the Labor government’s plans to do so Building more than 1.5 million homes During this Parliament.
Rightmove’s analysis has tracked the number of housing projects listed on its website for sale for more than 10 years, and does not include retirement projects
Across the entire market, including new and existing homes, the number of properties for sale is up 85% compared to four years ago.
Rightmove is calling on the Government to do more to support new build development, including more investment in affordable housing and scrapping stamp duty for first-time buyers.
A Rightmove spokesperson says: “First-time buyers are supporting the entire housing market, but affordability and getting the first step on the ladder is becoming more difficult. We need a range 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 on the ladder and keeping the market moving.”
“Despite the historically large number of homes available for sale, there remains a long-term shortage of affordable homes in the right place. We need more homes to support people at every stage of the moving journey, from first-time buyers to downsizers.”
