Housing experts hit out at Rachel Reeves’ figures and claims 

• Industry Reaction: Mixed responses to Chancellor Rachel Reeves’ Spring Statement, with specific concerns about housing-related policies and targets.
• Housing Targets: Savills’ Lucian Cook criticized the projection of 1.3 million new homes by 2029, arguing it falls short of Labour’s 1.5 million commitment and relies on optimistic transaction rates. Cook emphasized the need for more comprehensive planning reform.
• Supply Issues: William Reeve (Goodlord) welcomed the £2 billion allocation for social housing but noted it is insufficient. He warned against “anti-market” reforms in the Renters’ Rights Bill and advocated for measures to increase fluidity between social and private sectors.
• Challenges for Buyers: Rightmove’s Colleen Babcock criticized the lack of extension for the Stamp Duty deadline, which could affect 70,000 buyers. Rising mortgage costs (+59% over 5 years) and rents (+40%) continue to challenge first-time buyers.
• Zoopla’s Perspective: Richard Donnell highlighted the need for eased mortgage regulations and more funding for social housing to tackle issues in both the rental and broader housing markets.

The overall sentiment underscores the scale of housing challenges and calls for bolder actions to address supply and affordability.