The Business Magazine - B2B Business News - Site Logo
The Business Magazine - B2B Business News - Site Logo
The Business Magazine July 2024
Read now

New Chancellor: "There's no time to waste" on building new homes

The Business Magazine article image for: New Chancellor:
9 July 2024

Rachel Reeves, the new Chancellor of the Exchequer, has announced new housebuilding targets for England and the loosening of planning rules to encourage the building of more new homes.

Urgent action is needed to fix the planning system, she said, citing the ambition to build 1.5 million new homes in the next five years.

The government plans to unblock key "stalled sites" across including, which includes Liverpool Docks, Northstowe in Cambridgeshire, Langley Sutton Coldfield and Worcester Parkway.

Developer St. Modwen wants to build up to 10,000 houses over the next 20 years between the M5 near Worcester and the relatively new Worcestershire Parkway station. According to local reports, St. Modwen has nearly 240 acres and plans to build up to 1,250 homes south of Pershore Road with Hallam Land Managements owning 230 acres to the north of Pershore Road, the other side of junction 7, and around two miles from Spetchley Park, which is also set for 1,250 new homes, making a total of 2,500 homes in the first tranche.

The Chancellor has also confirmed that the government will support local authorities with 300 additional planning officers across the country and will review the national policy planning framework to include mandatory housing targets and a requirement to review greenbelt boundaries where necessary to meet them.

These will prioritise Brownfield and “grey belt” land for development to meet housing targets where needed, partnered with new ‘golden rules’ that will make sure the development this frees up will also deliver thousands of affordable homes, including more for social rent.

Nick Leeming, Chairman of Jackson-Stops, said: “Labour is grasping the nettle of planning reform and signalling to the industry that they are serious about change. Our latest research revealed over a fifth of the nation believe building on brownfield land and low-quality grey belt land would improve the housing market. Interestingly, this trend was felt most strongly amongst older generations, with over a quarter of the over 55s agreeing that building on this land would improve the housing market. No doubt, this trend is being driven by those keen to see their children and grandchildren get onto the housing ladder. 

“Buyers and sellers alike should take comfort in Labour’s focus on housing so early on; but in the short term the market is likely to remain on the same trajectory as the first half of 2024 as we wait for changes to start to filter through into actions. The property market can take comfort in its resilience, having navigated changing Governments and policy changes time and time again, though this focus on housing building and planning reform is a marked change from recent years.”

She also promised that the government will set out new policy intentions for critical infrastructure, including new roads, railways, reservoirs, and other nationally significant infrastructure, and speed up the roll out of clean power, prioritising energy projects such as onshore wind power, ending the ban on onshore wind power developments by the previous governments. Due to previous restrictions, only two onshore wind turbines have been built in England in almost a decade.

Martha Lane Fox, President of the British Chambers of Commerce, said: "Fixing the foundations of the economy can provide businesses with the stability and certainty they need to unleash a wave of investment to create growth and new jobs. 

“Industry will welcome such a bold statement of intent which is a clear indication of a Government that has well and truly hit the ground running, especially in ensuring that key institutions are focused on promoting economic growth with their shoulders to the wheel. 

"Today’s commitment to deliver large scale infrastructure at greater pace, especially green energy projects and more housing where people want to live, is very welcome. But policy must be backed up with better skilled and resourced planning departments to deliver this step change. That’s why the pledge to fund an extra 300 planning officers is so important."


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

Latest deal ticket

All deals


All events

Related news

Group Titles

Dorset BIZ NewsHampshire BIZ News