Blue Chip Developers Will Fall Short of Building Targets in 2024 - Granite Building Warranties

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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.
Blue Chip Developers Will Fall Short of Building Targets in 2024

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