The Office for Budget Responsibility (OBR) has halved its growth forecast but notes that housebuilding will surge to its highest level in four decades, contributing £6.8 billion to the economy by 2030. This follows a recent spike in planning applications, up over 160% since Labour reinstated national housing policies. The forecast does not account for new legislative measures, significant investment in social housing, or new town proposals, which all promise to bolster these outcomes further and assist in achieving the ambitious new homes target.
A notable finding amid the recent OBR growth forecast is that housebuilding is expected to hit its highest level in 40 years, adding significant economic growth.
The resurgence in housing applications, rising over 160% since Labour's policy reimposition, underscores the potential for hitting ambitious housing targets.
Despite previous setbacks in planning permissions, the combination of new investment and legislative changes presents a promising outlook for the housing market.
The OBRâs forecast does not fully account for new initiatives such as the new homes accelerator and investment in social housing, indicating even brighter prospects ahead.
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