The Government’s new National Planning Policy Framework details plans for a 61 per cent increase in housebuilding in England
The new housing targets alone would be unlikely to have a significant impact on prices nationally in the short term, experts said The Government has made a promise to deliver 1.5 million new homes within the next five years, as it says 1.3 million households are onunderstands the Government is aiming to build more houses in the places where homes are currently the most unaffordable and expensive to buy, which signals where the highest demand is.
Charlie Cornes, senior economist at the Centre for Economics and Business Research, said some coastal areas particularly in the South West of England “could be particularly at risk of price declines in the situation of increased homebuilding”, though he added it would depend on the scale. From next April, councils are allowed to charge double the usual bill for homes that are second properties, with Cornwall having a higher than typical proportion of second homes.
He said on a local level, large volumes would be needed to change pricing, and that this would “reduce the viability of developing homes and hit new supply”.
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