This is why 1.5m homes WILL NOT get built by 2029

The Property Nomads Podcast

Rob looks into the ambitious target set by the current Labour government to build 1.5 million homes by 2029, highlighting the significant challenges posed by a shortage of skilled labor in the construction industry. He covers the various trades needed for housing projects, the impact of Brexit on the workforce, and the government's acknowledgment of a "dire shortage" of construction workers.

KEY TAKEAWAYS

• The UK is facing a significant shortage of skilled construction workers, including bricklayers, plumbers, and electricians, which poses a challenge to the government's target of building 1.5 million homes by 2029.
• The lack of skilled labor has been attributed in part to Brexit, which has affected the availability of workers from abroad, further complicating the situation in the construction industry.
• Addressing the skills shortage and meeting housing targets requires a long-term strategy, including incentives for trades and support for small businesses, rather than quick fixes.
• The imbalance between housing supply and demand is likely to lead to rising property prices, which could benefit current property owners and investors but does not resolve the underlying issues in the housing market.
• There is a need for a national housing strategy that encourages more people to enter trades and supports small businesses, emphasising the importance of tax incentives and a coherent approach to infrastructure development.

BEST MOMENTS

"The UK doesn't have enough builders for Labour's 1.5 million homes."

"We have a lack of skilled people in the country at the moment... and of course, they blamed Brexit as well."

"If the government want to build 1.5 million homes by 2029, it's very unlikely that's going to happen."

"We need more people in the trades. We need the country to be better at promoting and helping small businesses."

"What needs to happen are more tax incentives for people to get into becoming tradespeople in the first place."

VALUABLE RESOURCES

https://www.bbc.co.uk/news/articles/c5yg1471rwpo

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