Housing output is expected to decline over the next two to three years, falling well below government targets, according to a report by construction consultancy Mitchell McDermott.
The firm predicts that housing completions in 2024 could be as low as 32,000, following last year’s disappointing total of 30,330—far short of the 40,000 predicted by the government.
A key indicator of future supply, planning permissions, also saw a decline, with approvals granted for just 35,000 homes in 2024—the lowest figure in six years and down from 41,000 the previous year.
Report co-author Paul Mitchell warned that without urgent and drastic intervention, the new government has little chance of meeting its target of 300,000 new homes by 2030.