Government’s 1.5m housebuilding target in England is suffering from subsidence | Nils Pratley

Barratt Redrow's cut to land purchases, citing Middle East uncertainty, deals a fresh blow to the government's faltering 1.5 million homes pledge. | Contesto: cronaca

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• Government’s 1.5m housebuilding target in England is suffering from subsidence | Nils Pratley

Contesto

The government's flagship target to build 1.5 million homes in England during this parliament has been dealt a significant new blow, as the country's largest housebuilder, Barratt Redrow, announced a sharp reduction in its land-buying plans. The company cited the conflict in Iran as a primary cause for a "less certain backdrop," stating it will now acquire between 7,000 and 9,000 plots, down from a previous target of 10,000 to 12,000. This pullback represents a cut of roughly £100 million from an £800m-£900m budget, directly undermining the pipeline of future developments needed to meet the ambitious national goal. This strategic retreat by a market leader is not an isolated incident but part of a worrying trend for housing delivery. Just weeks ago, the prominent London-focused developer Berkeley Group announced an outright halt to buying new land, signaling a deep-seated caution at the highest levels of the industry. While Barratt Redrow described its move as a "disciplined approach" rather than a complete "downing of tools," the collective effect is a substantial contraction in investment at a time when the government is relying on private builders to drive construction. The scaling back of land acquisition today inevitably translates into fewer homes being built in the coming years. The immediate trigger cited by Barratt Redrow—the war in Iran—highlights how fragile global events are exacerbating domestic policy challenges. The conflict has injected volatility into supply chains and material costs, making forward planning and investment inherently riskier for capital-intensive developers. This external shock compounds existing pressures, including high interest rates and persistent planning system bottlenecks, creating a perfect storm that makes the 1.5 million target appear increasingly detached from on-the-ground economic realities. Political and industry analysts now view the housing target as critically endangered, if not already unachievable. The pledge was a central plank of the government's domestic agenda, promising to address the chronic shortage of homes. Its likely failure carries profound implications, not just for the government's political...

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Categoria: cronaca