Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Savills Forecasts Sharp Decline in England’s Housing Delivery
A new forecast from Savills indicates that housing delivery in England is set for a significant decline. The report warns that annual housing completions will average just 167,500 between now and 2029/30, which is substantially below the government’s target of 300,000 homes per year.
Savills projects that a total of 837,500 homes will be completed across the next five years. The forecast highlights that the next two years are expected to be particularly challenging for housing delivery in England.
This anticipated reduction in new housing supply may have implications for letting agents and inventory clerks, as lower levels of new stock could affect rental market dynamics and property availability.
Source: Property118