New home approvals hit record low

Approvals for new homes in the UK have reached a record low, prompting accusations against Housing Secretary Michael Gove of "surrendering to nimbys" (not in my backyard). The Home Builders Federation (HBF) reported that planning permissions for 2,447 projects in Q3 2023 amounted to 50,316 housing units. These figures reflect a 3% decrease from the previous quarter and a 19% decline from the same period last year. Overall 245,872 units received planning permission in the year to September, the lowest since 2015. Experts say it calls into question the Government's target of delivering 300,000 new homes a year and could mean fewer than 200,000 are completed in 2024. The HBF believes the drop is a consequence of anti-growth policies, and further changes to planning regulations, expected to be announced by Gove, are criticised for appeasing NIMBY concerns at the expense of necessary housing development. 

The Times   Daily Mail