At this week’s Labour Party Conference, Shadow Chancellor Rachel Reeves said that: “If the Tories won’t build, if the Tories can’t build, then we will. Taking head-on the obstacles presented by our antiquated planning system.”
Her other proposals also included raising stamp duty surcharge on overseas buyers to get Britain building, helping first-time buyers get onto the housing market by overhauling Britain’s ‘antiquated’ planning system.
Housing is becoming an increasing priority ahead of the next general election, as the news on construction and home purchasing become increasingly dire.
The monthly CIPS/PMI index stated that the overall UK purchasing managers’ index fell to a reading of 45 in September, its lowest since May 2020, where any figure below 50 indicates a decline in output.
The index also recorded a score for housing of 38.1, the smallest figure recorded for the sector, outside of the first lockdown, since April 2009. The housebuilding sector, which recorded 40.7 last month, has now recorded a decline in output in the survey for 10 consecutive months, according to the Chartered Institute of Purchasing and Supply and S&P Global.
Timothy Douglas, Head of Policy and Campaigns at Propertymark, said:
“A significant rise in the non-UK resident surcharge will be needed if the policy is to have its desired affect and whilst a focus on overhauling the planning system is welcome, only by introducing a community led approach to house building that delivers infrastructure first will ensure Labour brings people with them on their quest to rebuild the country and increase the number of homes that we drastically need.”
