Breaking ground: Delivering 1.5m homes in one parliament

The government is committed to building 1.5m new homes during this parliament. This is necessary, but will be extremely challenging – in large part thanks to an inheritance of record-low planning approvals, housing ‘starts’ and housing ‘completions’ from the last government. The last time England completed more than 300,000 new homes in a single year – which is the rate we would need to build at to meet the 1.5m target – was over half a century ago, in 1969-70. Across the last 10 years, new homes completions averaged just 158,000 annually.

This briefing explores the implications of this government’s inheritance. It shows how property prices have dramatically risen since 2002, and highlights the accompanying collapse in planning approvals, starts and completions. It also explores what the trajectory of housebuilding over the lifetime of this parliament could look like if the government is to meet its ambitious 1.5m target.