The figures cast doubt on the near-exclusive focus of the major parties on boosting housebuilding numbers by tweaking the planning system. At the same time, planning applications over the first five months of 2024 are at the lowest level since 2020, calling into question the scope for housebuilding numbers to recover in the coming years to meet ambitious manifesto targets.
By dampening the housing market in the short term, they limit the potential commercial rewards available to housebuilders for proceeding with projects. At the same time, the high cost of borrowing to finance projects in the first place pushes up costs and eats into developer profits.
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