Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.
New Build Numbers at Decade Low, Says Rightmove
The number of new build homes coming to market is at its lowest level in almost a decade, according to Rightmove. The property portal reports that the number of housing developments listed on its site is at the lowest point since 2017, excluding retirement schemes.
Rightmove declined to provide exact figures when contacted by The Negotiator, but highlighted the downward trend in new build listings. This situation raises further questions about the Government’s target to build 1.5 million homes during the current Parliament.
Calls for Government Action
Rightmove is urging the Government to take action in the upcoming Autumn Budget to increase the supply of new builds. The portal is calling for the removal of Stamp Duty for first-time buyers on both new build and resale properties, as well as greater investment in affordable housing and more targeted support for first-time buyers.
Colleen Babcock, Rightmove’s property expert, stated that despite a historically high number of available homes for sale, there remains a long-term shortage of affordable homes in suitable locations. She emphasised the need for more homes to support people at every stage of the moving journey.
Steve Mariner, Group Sales and Marketing Director of Barratt Redrow, commented that increasing regulatory costs, low customer confidence, higher borrowing costs, and wider economic uncertainty are making it harder for first-time buyers to access the housing ladder. He suggested that a new scheme to support first-time buyers, with contributions from both developers and Government, could help address these challenges.
Nathan Emerson, Chief Executive of Propertymark, highlighted the importance of ensuring sufficient housing for a growing population. He noted that while ambitious housing targets have been set, building new homes is only part of the challenge, and thriving communities also require investment in jobs, education, healthcare, transport, and policing.
For letting agents and inventory clerks, the ongoing shortage of new build homes may impact the availability of rental stock and the diversity of properties available to tenants.
Source: The Negotiator