Housebuilders blame National Grid for stalling completion of 15,000 new homes

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A lack of power capacity in the National Grid is affecting around 15,000 new homes, with housebuilders reporting "major problems" from utility firms failing to deliver connections in a timely manner, the latest Knight Frank Land Index & Housebuilder Survey reveals.

And eight out of 10 (80%) house builders say they would prefer a Labour government following the next General Election.

REGIONAL DIVIDE

But the survey revealed a divide between housebuilders and developers based in London versus those operating in the regions.

Those in the Capital feel housing delivery is being hindered by unrealistic affordable housing targets that often makes schemes unviable, alongside significant delays in the GLA planning system.

Current policy, they said, is standing in the way of housing delivery but their confidence would grow if their concerns were addressed.

PURCHASING ACTIVITY

Elsewhere, the survey reveals a recovery in buyer interest and land purchasing activity in early 2024.

Knight Frank says that greater stability in the housing market so far this year has resulted in sentiment in the land market starting to improve.

The firm asked housebuilders how they would describe the current state of the land market, in terms of availability for development. A quarter (25%) of housebuilders cited supply as adequate, the highest proportion to date, suggesting improved conditions for land acquisitions and future development pipelines.

Adding to the positive outlook, 65% of respondents surveyed anticipated stable land prices in Q2 amid rising demand.

Half (50%) of housebuilders have also sold or plan to sell units into the build-to-rent sector, up from 40% in Q4 2023.