Chancellor Rachel Reeves has announced housing targets in first major speech

In her first speech as chancellor MP Rachel Reeves has announced at the Treasury today Labour’s commitment to their housing targets, despite concerns of development on green belt areas to reach the proposed quotas. 

The MP has overturned Michael Gove’s reduced targets for planning and development as she confirmed homebuilding targets alongside lifting the ban on building new onshore wind turbines.

However, for Labour to reach their target of building 1.5million homes in the UK over the next five years, fears surrounding the extension of development into green belt areas have been raised as planning restrictions have been relaxed. Ms Reeve described the country as a ‘safe haven’ and a ‘place to do business’.

Sky News questioned Ms Reeves on growth, and asked if significant economic changes would be expected by the end of Labour’s five year term. The Chancellor responded:

“There is no time to waste, and that’s why I’m here within 72 hours with a whole range of measures to unlick private sector investment in housing, in energy and infrastructure – so we want to get going.

“We saw a mandate for economic growth at this election, we’ve won that mandate. People voted loud and clear for change and to get Britain building again and for growth.”

The CEO of a home moving business has said that the new government’s targets are ‘ambitious’ and if achieved will manage to ‘alleviate the current pressures on the housing market’.

Nick Hale, Chief Executive Officer at Movera, a group of home moving businesses including ONP Solicitors, commented:

“Chancellor Rachel Reeves announcement today is a clear signal of Labour’s commitment to address the housing crisis. Building 1.5 million homes over this parliamentary term is an ambitious goal that, if achieved, will significantly alleviate the pressures in the current housing market. It represents a pragmatic approach to policy-making, prioritising the immediate need for affordable and accessible housing. By streamlining planning processes, the government could not only facilitate faster development but also ensure that these new homes meet the diverse needs of our growing population.

“However, addressing stamp duty and overall affordability is crucial. The government must work with the sector to prevent any disruptions and ensure these plans are implemented effectively, so the benefits of increased housing supply reach potential buyers.”