New CEBR analysis for Babelfish finds 1.4m homes could be built on brownfield land, adding 0.9% to GDP a year for a decade. Half already have planning permission.
Houses are homes, not investments
Britain's housing crisis is existential. Developers drip-feed builds to keep prices high while sitting on land. It's time for the biggest council build ever.
Britain is facing an existential housing crisis, akin to that faced at the end of the second world war. Labour has made a start, but must move faster, think bigger and take on the vested interests of developers, landowners and landlords.
We must abandon the cautious incrementalism that often characterises housing policy.
We cannot rely on private sector solutions. The industry is drip-feeding new builds into the market to keep prices high, while the big commercial house builders sit on thousands of acres of land with planning permission for years.
This is not progressive housing policy – it's extortion. The government should pass legislation specifying time limits on permissions – with massive tax penalties for those who drag their feet. In extremis, local councils should be given powers to take the land into public ownership and enable housing associations, local authorities and smaller builders to actually build those homes.
Labour should lead the biggest ever programme of council house building. Social housing is one of the most effective ways to reduce housing benefit costs and create stable communities. Building more houses isn't a cost – it's a saving.
New developments should be exciting, visionary, with green spaces, schools and health centres.
Around Stroud, I am very aware of the distortion to the housing market of the explosion of year-round Airbnb lets. Councils should be able to cap these where homes are needed.
Tax rules should actively discourage land speculation rather than reward it. And councils need stronger compulsory purchase powers. Houses are homes first, investment opportunities second.
Other relevant stories
Survation polling for Babelfish finds more people back than oppose charging housebuilders council tax on consented land they haven't built on. 49% back brownfield.
New CEBR research for Babelfish: 1.4m brownfield homes would unleash £259bn and return £1.92 for every £1 spent. The big five sit on 869,000 plots instead.
Britain's big five sit on 869,000 plots worth £275bn and build slowly to keep prices high. Start the rates clock the day permission is granted.
Barratt Redrow, Taylor Wimpey, Persimmon, Vistry and Bellway hold 869,000 plots between them. Taylor Wimpey's landbank alone would take 19.5 years to build out.