Reaction to the King’s Speech from James Dickens, md of Wavensmere Homes

James Dickens, Managing Director of Wavensmere Homes, said: “We’ve heard more positivity about housebuilding from the new Labour Cabinet over the past two weeks, than we got from the Tories during the past two years. However, local authority planning departments will require significant funding and assistance to process planning applications in a timely fashion. Financing 300 additional planning officers wouldn’t even equate to one per local authority in England.   

“The King’s Speech was full of green shoots for the economy, with an encouraging emphasis on housebuilding, construction and infrastructure. While Bills need to be introduced and passed through Parliament, some of Labour’s planning policy changes – such as the reintroduction of mandatory local housing targets – do not require legislation, so we are hopeful they will be implemented quickly.

“We are still no clearer about where the finance might come from to tackle the chronic shortage of affordable housing. If the typical UK home costs £281,000 and the funding required for social rental homes is 50%, then where are Labour’s detailed cost plans?

“With inflation back at the 2% target, we need a Base Rate cut from the Bank of England to encourage more potential homeowners to climb out of the rental trap. Sky high rents are creating deposit erosion on an alarming scale, so it was disappointing not to hear the King reference any plans to assist first time buyers.

“Wavensmere Homes has grown year-on-year by defying industry challenges and constructing attainably priced houses and apartments in highly sustainable, popular urban locations. Our focus on construction deliverability will see the keys for £120m of high EPC-rated new homes handed over to customers across the Midlands and Suffolk this year.

“Schemes like Belgrave Village in central Birmingham sit in distinct contrast to every other residential construction site on the horizon. The city skyline is awash with tower cranes for Build-To-Rent blocks. However, it’s actually family houses and a mix of different typologies that are in high demand, so that’s what we design and build.

“We’re keen to see how quickly and effectively Labour can implement change to fulfil the Party’s ambitious housing pledges during this Parliament.”