The Labour Party has increased the annual housebuilding target from its manifesto pledge of 300,000 to 370,000. 

This would bring the number of homes delivered to 1.85 million in five years.

Angela Rayner, the deputy prime minister, said the UK is on track to build under 200,000 homes in 2024, which she branded “unforgivable”. She went on to label the current situation as the “most acute housing crisis in living history”.

London’s housebuilding target has been lowered from 100,000 to 80,000 according to government officials, though Rayner labelled the previous target as unrealistic.

All councils must have an up-to-date local housing plan, while the government is apparently prepared to step in if they fail to make sufficient progress. Land close to existing transport infrastructure needs to be considered in particular.

Labour wants to mostly build on brownfield land, though the party is also reviewing areas of the green belt, which could be reclassified as ‘grey belt’. Half of homes built in the ‘grey belt’ need to be ‘affordable’.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “The announcement is very welcome, particularly the increase in the housing target as there is general agreement across the political divide that there is an acute shortage of affordable housing to buy and rent, which needs addressing asap

“However, it is not just the target that counts of course, it is the delivery and timing. Ambitious building targets set the tone for local authorities, but we need to see much more detail as to how the numbers will be increased, particularly with regard to engagement of local plans – can they be fast-tracked?

“The relatively low number of councils with approved local plans will be a challenge bearing in mind most can take up to three years to finalise. Can other measures be introduced simultaneously to reduce delays, such as dealing with necessary infrastructure and ‘reserved matters’ covering relatively minor issues such as boundaries and finishes, which can take so long to resolve?”

Rayner said Labour will publish a long-term housing strategy in the coming months.

It’s thought areas around Merseyside and Manchester in particular are rife for attracting new building projects.

Labour is also looking to deliver new social housing, while councils will be given the green light to use proceeds from Right to Buy to build and purchase new homes.

Via @PropertyWire