UK new‑build housing developments hit near 10‑year low

Rightmove’s analysis of for‑sale listings shows the number of whole new‑build housing developments coming to market in May was the lowest since January 2017, marking a near‑decade low. While the total stock of homes for sale – new and existing – was up 85 % compared with four years ago, the platform says a long‑term shortage of affordable homes persists.

The government’s target of 1.5 million new homes during this parliamentary term appears off‑track, according to the data, despite recent planning‑system reforms. The S&P Global UK construction PMI indicated activity fell at its fastest rate since the peak of the Covid‑19 pandemic, with builders citing project delays, higher borrowing costs and reduced customer confidence. Barratt Redrow, the country’s largest housebuilder, called for more targeted support for first‑time buyers. Rightmove also urged the removal of stamp duty for first‑time buyers on both new‑build and resale properties.