One of Britain’s largest housebuilders blasted planning guidelines because it reported a pointy drop within the variety of properties it constructed final yr.
Taylor Wimpey mentioned the ‘planning system remains slow’ and ‘challenging’ – delaying much-needed new developments throughout the nation.
The FTSE 100 housebuilder accomplished 10,438 properties in 2023 in comparison with 13,773 within the earlier yr, a decline of three,335 properties, or 24 per cent.
It comes after rival Persimmon mentioned on Wednesday that it constructed the fewest properties in additional than a decade in 2023.
Persimmon constructed 33 per cent, or 5,000, fewer properties in 2023, with 9,922 completions, the bottom because it recorded 9,903 in 2012.
Setbacks: Taylor Wimpey mentioned the ‘planning system remains slow’ and ‘challenging’ – delaying much-needed new developments throughout the nation
Housing companies slashed building targets as they struggled with planning delays and potential patrons have been deterred by excessive mortgage charges.
Borrowing prices soared after rates of interest hit a 15-year-high following 14 consecutive hikes.
The steep fall in properties constructed by the UK’s largest builders comes amid ‘an already acute housing crisis’, business physique the Home Builders Federation mentioned.
Its coverage director David O’Leary mentioned it was the ‘inevitable outcome of several years of anti-growth policy and rhetoric’.
‘Falling supply amid an already acute housing crisis has huge social and economic implications, is costing tens of thousands of jobs and removing access to decent housing for a generation,’ he mentioned.