Rayner acknowledges rising challenge
There is now only a “slim chance” the Government will meet its target of delivering 1.5 million homes in England by the end of the current Parliament, Housing Secretary Angela Rayner has acknowledged.
Rayner said rising construction costs and wider international pressures were making the target harder to achieve, although she insisted the Government was not abandoning it.
At the same time, an independent evaluation of the Help to Buy equity loan scheme has concluded that it represented “very high” value for money, generating an estimated £25.1bn in net present social value.
The review found the scheme supported additional housing supply, with around 15% of new homes built in England between 2013 and 2023 estimated to be attributable to Help to Buy, although it also contributed to house price increases of around 2% in some areas.
Slight increase in September house prices
Average asking prices increased by 0.7% in September to £367,440, according to Rightmove, the first monthly rise since May.
Prices remain -0.8% below a year ago, however, while the number of homes available for sale is at a 12-year high and buyer demand is 9% lower than last year.
Rightmove said September’s increase was slightly above the 10-year average for the month, suggesting the usual autumn increase in activity may be returning after a quiet summer. Affordability remains stretched, with the average two-year fixed mortgage rate rising to 5.29% from 5.09% a month earlier.
£21.8m fund launched to support council housebuilding
Councils outside London can now bid for a share of a £21.8m Council Housebuilding Support Fund to increase capacity and bring forward affordable housing sites.
The funding can be used for planning and technical expertise, consultants, project managers, feasibility studies, site investigations and pipeline development, with applications closing on 2 November.
New chief construction adviser to be appointed
The Government is expected to appoint a permanent Chief Construction and Scientific Adviser by the end of the year, replacing the interim Chief Construction Adviser Thouria Istephan.
The new role is intended to provide independent technical advice on construction, science and engineering and help improve the Government’s approach to building safety and regulatory reform.
Meanwhile, Abena Oppong-Asare has been elected as the new chair of the Housing, Communities and Local Government Committee.
The Labour MP for Erith and Thamesmead succeeds Florence Eshalomi, who became a housing minister earlier this year, and will chair the cross-party committee for the remainder of the Parliament.
Developer and supply chain updates
Vistry is to significantly reduce the size of its business, cutting its regional structure from 25 divisions to 12 and withdrawing from private housing sales in the South East.
The move follows an adjusted pre-tax loss of -£83.3m in the first half of 2026, compared with a £80.6m profit a year earlier, with the group also targeting a further £50m of cost savings.
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Barratt Redrow completed 17,667 homes in the year to June, 5% more than the previous year, but has reduced its 2027 completion guidance from 17,700-18,200 to 17,500-17,900.
The reduction reflects continued planning delays and fewer expected sales outlets, although forward sales stood at 11,200 homes at the start of September.
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Japanese construction and property group Daiwa House is buying a 30% stake in Miller Homes from Apollo-managed funds, which will retain control of the business.
Miller is targeting an increase in annual output from around 5,000 homes to 7,000, with the investment not expected to change its management team or day-to-day operations.
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Gleeson has reported a £2.7m pre-tax loss for the year to June despite increasing revenue by 12.1% to £410m and completions by 9.8% to 1,968 homes.
The housebuilder said its partnerships division would be accelerated and could account for around 20% of the business, with eight partnership agreements signed during the year.
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Places for People has become the UK’s largest housing association by turnover after revenue increased 17% to £1.23bn.
The 270,000-home provider completed 2,539 homes during the year, up from 2,296, while mergers with Elim Housing and South Yorkshire Housing Association added more than 6,300 homes to the group.
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Orbit increased turnover from £408m to £420m in the year to March 2026, while new home completions rose from 901 to 1,094.
Some 92% of its new homes were affordable, while its operating surplus remained broadly stable at £106m.