Stripe analysed new dwellings delivery since the current government came to power in December 2019, which revealed that in approximately three years and six months, 594,805 new homes have been delivered across England.
The best quarterly performance was seen during the final quarter of 2020 when 51,370 new homes were delivered, according to the data.
With just a year-and-a-half left for the government to reach its target by the next election, a further 405,195 new homes are required to hit the one million threshold by the end of December 2024.
According to Stripe, the government would need to deliver 67,532 new homes per quarter over the next six — including Q3 of this year — to fulfil their promise.
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Last week the government revealed it was setting its sights on regenerating disused brownfield land, streamlining the planning process, and helping homeowners to renovate and extend their properties, in order to address the UK housing crisis.
James Forrester, MD at Stripe, said: “The government is notoriously poor at keeping its promises when it comes to housing delivery and [repeatedly] we’ve seen targets set, only for them to fall by the wayside further down the line.
“At the same time, local councils are making it harder for housebuilders to comply with the masses of red tape, all of which increases the prices for the end user.
“Given the fact that less than 600,000 new homes have been delivered in the last three-and-a-half years or so, we can’t imagine that the target of one million by the end of next year will come to fruition either.”