England government projected to miss housing target

The government in England is projected to fall short of its housing target, according to official figures. The plan aims to build 1.5 million new homes by 2029, but estimates suggest the number will be much lower than anticipated. Chancellor Rachel Reeves remains optimistic, stating that reforms in the planning system will help close the gap. However, the Office for Budget Responsibility estimates that only an additional 170,000 homes will result from these reforms, significantly less than the government needs. The Home Builders Federation has called for better access to mortgages for first-time buyers to meet housing goals. They emphasized the necessity of addressing other challenges to increase housing supply effectively. Despite the government's efforts, only about 1 million new homes are expected to be built in England. Recent low numbers of approved housing projects raise concerns about meeting the required housing demand in the future.