Economy

UK commits to regulator’s proposals to improve housebuilding

1 Mins read

LONDON (Reuters) – Britain’s new Labour government said on Tuesday it had accepted proposals from the country’s competition watchdog to improve the quality of homes being built.

In February, the Competition and Markets Authority (CMA) said the housebuilding sector needed “significant intervention” and raised concerns about the quality of some new housing, following a year-long probe.

It proposed that the government should streamline what developers often said was a complex planning system, in order to fix Britain’s chronic housing shortage that has driven up prices.

Housing minister Matthew Pennycook said the CMA was right to highlight the areas for improvement, and that the government would work to address the regulator’s 11 recommendations.

“We will empower homeowners to challenge developers over poor quality new homes and bad service,” Pennycook said.

“Alongside this, our updated National Planning Policy Framework and the reinstatement of mandatory housing targets for councils will ensure communities have the homes and necessary infrastructure to thrive.”

Prime Minister Keir Starmer, whose Labour Party came to power after a landslide election victory in July, has set mandatory housing targets and announced planning reforms as part of a push to speed up economic growth.

Labour plans to build 1.5 million homes over the next five years, with an aim to deliver 370,000 new houses across the United Kingdom annually, up from a previous target of 300,000 that was abandoned by the previous Conservative government.

This post appeared first on investing.com

Related posts
Economy

Trump uncertainty clouds Fed minutes; China’s CPI data – what’s moving markets

3 Mins read
Investing.com – Stock markets in the US are set to be shuttered on Thursday after equities logged a muted close in the prior…
Economy

UK bond market sell-off heaps pressure on Reeves

3 Mins read
By William Schomberg LONDON (Reuters) – Rachel Reeves is facing her first major test as Britain’s finance minister after the government’s borrowing…
Economy

Brazil’s real seen more stable; to trade close to 6 per U.S. dollar at end-2025: Reuters poll

2 Mins read
By Gabriel Burin BUENOS AIRES (Reuters) – Brazil’s real currency is forecast to trade slightly stronger, at around 6 per U.S. dollar…

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.