Blue Chip Developers Will Fall Short of Building Targets in 2024

• Forecasts from Peel Hunt show the 10 stock market listed developers are expected to build only 69,300 new residential dwellings in 2024.
• This falls far below the 85,000 completed in 2022 and is still less than the 71,000 completed in 2023.
• This significant reduction seriously jeopardises Government targets of 300,000 new homes being built each year by all developers by mid-2020’s.
• Companies blame withdrawal of Help to Buy, planning red tape, Brexit and lack of skilled labour as significant reasons for lack of homes being built – the environment is increasingly anti-development.
• Other causes for the shortfall include cost of living crisis, mortgage rate rises, falling house prices and shortage of housing stock.