

“Kier Kick” – How Prime Minister Starmer and his new team are striving to provide a winning kick to the housing market in Euro 2024 semi-finals week
As the Euro 2024 semi-finals week unfolds, there’s another game being played off the pitch – the game of housing. Prime Minister Keir Starmer and his new team are striving to provide a winning kick to the UK’s housing market.
The Labour government, under the leadership of Starmer and new Chancellor Rachel Reeves, has outlined an ambitious housing strategy that promises to construct 1.5 million homes over the next five years.
The strategy is a comprehensive one, aiming to address the housing crisis in the country by ramping up the supply of new social homes. This aligns with the goal of increasing the availability of affordable housing for the population. The Labour government is also planning to end the divisive Thatcher-era right to buy rules, indicating a focus on reforming existing housing policies to create a more equitable housing landscape. The new government is not shying away from taking decisive action.
Starmer emphasizes the importance of utilizing intervention powers to build the necessary houses strategically, even if it means overriding local objections. This suggests a willingness to take decisive action to address housing shortages in specific areas.The Labour Party has also pledged to review the increased Right to Buy discounts introduced in 2012 and increase protections on newly-built social housing. This reflects a commitment to reassess existing housing policies and strengthen protections for social housing.As part of the “big build” initiative, Starmer has proposed loosening restrictions on building houses on greenbelt scrubland and car parks, with a focus on creating townhouse communities with baked-in walkability. This indicates a willingness to explore innovative approaches to housing development and urban planning.
The new government’s commitment to reform the planning system and accelerate growth has been welcomed by property industry stakeholders. Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said the housebuilding targets are a strong start, but there’s a huge amount of work to be done. David Thomas, chief executive of Barratt Developments, emphasized the need for more new homes of all types and tenures.
However, amidst the cheers, there are concerns about whether any targets for the energy efficiency of new homes will be announced, given that the UK’s housing stock is some of the worst in Europe when it comes to energy efficiency.
As the Euro 2024 semi-finals week continues, the nation watches with bated breath – not just for the outcome of the games, but also for the success of this ambitious housing strategy. Will Prime Minister Starmer and his team score a winning goal in the housing market?
Only time will tell!!
Stay tuned to “World of Auctions” for more updates on the UK’s housing market and the government’s strategies.