The UK property development industry is calling for a shake-up, with developers demanding the next government take action to support first-time buyers. 86% of developers surveyed by Shawbrook believe the government needs to do more to help those stepping onto the property ladder for the first time.
Labour Favoured For Housing Market Boost
The survey, conducted among over 500 UK developers, also revealed a clear preference for Labour. 90% of developers believe a Labour government would be good for the housing market overall. This suggests developers are hopeful that Labour’s policies will create a more supportive environment for the industry.
Streamlining Planning And Cutting Red Tape
Developers are also crying out for a streamlined planning process. A significant 35% believe the next government should focus on making it easier to get projects approved. This comes as no surprise, with 30% of developers supporting the removal of planning red tape as a way to encourage more development.
Is This The Solution To The Housing Crisis?
Terry Woodley, Managing Director of Development Finance at Shawbrook, says: “The upcoming election presents a chance to breathe new life into the construction and property development sector, especially as housebuilding has slowed down in recent years. We need solutions to tackle the housing shortage, and this could be a crucial step.”
Woodley highlights the challenges facing the industry, saying, “Lack of support for first-time buyers and a complicated planning process have led to a decrease in building activity. Developers are urging the government to step in and provide legislation to support them.”
Promises, Promises?
He adds: “It’s encouraging to see Labour’s manifesto proposing reforms, including building on brownfield sites and within the ‘grey’ belt. However, we’ve heard promises to boost housebuilding before. The real test will be whether these pledges translate into tangible change for the property market.”
What Does This Mean For You?
This research reveals a clear message from the development industry: they want action from the next government. Whether it’s providing more support for first-time buyers, simplifying the planning process, or reducing red tape, developers are demanding changes that will stimulate growth and help tackle the housing crisis. This could mean more opportunities for those looking to invest in property, but only time will tell whether the next government will deliver on its promises.