Tory election pledge to deliver just 9,000 new homes
The Conservatives’ housing pledges will result in just 9,000 extra new properties being built each year, despite promises to build a million homes by 2020, according to research.
Property investment marketplace Property Partner said the construction industry has been delivery new properties at a rate of 166,000 homes a year, so the Tory commitment to build 175,000 a year will add a negligible number to the existing tally.
Labour has pledged to build a million homes by the end of 2022 – 200,000 a year – and the Conservatives have pledged a further half a million homes by then.
The Liberal Democrats have pledged to build 300,000 homes a year by 2022 but have not revealed further detai
Using projected household growth figures from the Office of National Statistics, Property Partner predicts that England will face a housing shortfall from 2025 of 877 homes. The deficit will snowball to reach a shortfall of 452,598 homes or 1.6% by 2039.
According to Property Partner, in the capital the demand for homes has outweighed supply since 2014, with London’s shortfall currently running at 139,919 homes. By 2022 it is predicted to reach 7.3% or 288,623 homes, with either parties’ manifesto pledges factored in.
It forecasts that, at current housebuilding rates, London’s deficit will climb to an estimated 731,724 homes or 15.1% come 2039 as the capital grows to an expected 4.8m households.
Mark Weedon, head of research at property investment marketplace Property Partner, said: “The housing market is broken, there are not enough homes and despite both of the UK’s major parties’ stated ambitions to tackle the housing crisis, their manifesto plans fall short given the scale of the problem.
“London’s chronic imbalance of supply and demand is not being addressed, and by 2025 the housing shortage will have spread across England. This represents one of the biggest threats to family life and consumer spending in this country.”