Housing Secretary Steve Reed has said his position is “on the line” if Labour does not deliver on its commitment to build 1.5 million new homes before the next general election.

The pledge, along with plans to fast-track 150 major projects over the next five years, is central to the government’s efforts to boost economic growth. “My job should be on the line if I fail to meet my target,” Reed said in an interview with BBC’s Panorama. “I expect to be held to account.” Reed added that he “absolutely” expects to meet the goal, noting that widespread scepticism surrounding the ambitious target would make “celebration all the sweeter” once achieved.

Over the past five years, the UK has built around 1 million new homes. However, Neil Jefferson, chief executive of the Home Builders Federation, warned that the government’s target is “looking increasingly distant” due to slow planning approvals, environmental regulations, and shortages in skilled labour. He noted that housebuilding is currently “flatlining” at about 200,000 new homes per year, rather than the 300,000 annually needed to meet the target.

The Office for Budget Responsibility (OBR) also projects the government will fall short, forecasting the construction of around 1.3 million homes by the end of this parliament. According to the OBR’s March report, this output would still add 0.2% to GDP by 2030, equivalent to roughly £6.8 billion.

The government is banking on its Planning and Infrastructure Bill to remove many of the obstacles that delay development. The Bill reaches its report stage in the House of Lords today, after passing its third reading in the Commons in June. Officials say it remains “on track to become law this year.”

Last week, Chancellor Rachel Reeves said: “The outdated planning system has been gummed up by burdensome bureaucracy and held to ransom by blockers for too long. Our pro-growth planning bill shows we are serious about cutting red tape to get Britain building again—backing the builders, not the blockers—to speed up projects and show investors that we are a country that gets spades in the ground and our economy growing.”

Reed took over as housing secretary in September, following the resignation of Angela Rayner, who stepped down as Deputy Prime Minister and Housing Secretary after it was revealed she had underpaid around £40,000 in stamp duty on a second property.

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Source: Mortgage Strategy