Labour to build 300,000 homes annually to achieve five-year goal

Labour has set an ambitious target of building 1.5m homes over the next five years, which means constructing 300,000 homes annually. However, experts are sceptical about the feasibility of this goal. Private housebuilders are cautious about flooding the market, and the government's influence on supply is limited. The Labour government plans to cut planning application delays, assist first-time buyers, and build on green belt land. However, progress may be slow due to various factors, including higher interest rates and a housebuilding deficit inherited from the previous government. The government also aims to help first-time buyers by introducing a new Help to Buy scheme and a permanent mortgage guarantee scheme. The party also wants to give local people priority in new developments and reform compulsory purchase compensation rules. However, critics argue that these proposals may have loopholes and a limited impact

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