Labour likely to fall short of 1.5 million homes target by half a million, Tories cite tax and red tape

Official figures analysed by the Land Value Calculator indicate Labour will fall about 500,000 homes short of its 1.5 million-home pledge for one outlet parliament, with total builds projected under one million. The shortfall translates to a daily deficit of 282 homes, and the gap is set to exceed 250,000 between Christmas and New Year. Current construction rates stand at 539 homes per day, far below the 1,041 needed to stay on track to 2029.

Housing Secretary Angela Rayner said the odds of reaching the target are slim, while planning permissions have dropped 30% over four years and completions are the lowest since 2016. The Ministry of Housing, Communities and Government cut its estimate for last year’s completions from 199,500 to 196,900, and noted a 15% rise in starts driven largely by London’s recovery.