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Housebuilding in the UK is nearing a 14-year low, with 26,959 new homes registered in the first quarter, marking a 6% decrease compared to last year. The National House Building Council (NHBC) indicated this is the slowest start to a year since 2012, complicating Labour's plan for 1.5m new homes by 2029. Developers face rising mortgage rates and increased costs, causing many to halt land purchases. London experienced a 37% decline in new home registrations, with only 937 homes registered, well below the pre-pandemic average of over 5,000. In contrast, the northwest saw a 27% increase. Builders are urging government support to stimulate demand and ease regulatory burdens to foster new construction. The government maintains it is addressing housing needs by reforming the planning system and investing in affordable housing. |
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The Times (12/05/2026) |