Economy

UK commits to regulator’s proposals to improve housebuilding

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

You May Also Like

Economy

Thousands of dockworkers on the East Coast and Gulf Coast will return to work after reaching a tentative agreement on wages, ending one of...

Latest News

Tunisians voted Sunday in an election expected to grant President Kais Saied a second term, as his most prominent detractors, including one of the candidates challenging...

Editor's Pick

Republican presidential nominee Donald Trump criticized Vice President Kamala Harris’s mental capacity Saturday, falsely claiming she was born “mentally impaired” and comparing her actions...

Editor's Pick

Kamala Harris doesn’t get to decide if Donald Trump debates her a second time. But she will attempt to extract a cost if he...

Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 beneficialinvestmentnow.com

Exit mobile version