Investigation launched into eight homebuilders after ‘persistent under delivery’ of new houses

Business

The UK has seen a “persistent under delivery” of new homes, according to the competition watchdog which has launched an investigation into eight housebuilders.

Too few new homes are being delivered due to a “complex and unpredictable” planning system, the Competition and Markets Authority (CMA) said.

Its report into the housebuilding industry also identified “substantial concerns” about estate management charges – with homeowners “often facing” high and unclear charges for the management of roads, drainage and green spaces.

Less than 250,000 new homes were built last year across Britain – well below the 300,000-target for England alone, the CMA said.

Along with planning system problems, a key reason for this is the system of development where homes are built without knowing in advance who will buy them or for how much, a system known as speculative private development.

Concern about the quality of housing was also identified.

This breaking news story is being updated and more details will be published shortly.

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