The Competition & Markets Authority (CMA) has released a report highlighting "fundamental concerns" in the UK's housing market, attributing issues to a "complex & unpredictable planning system" and the limitations of private development. The report, which covers England, Scotland, and Wales, has initiated a new investigation into "information sharing" among eight house builders and issued a £350 warning to buyers. It also addresses the misconception around land banking, clarifying it as a consequence of planning system delays rather than a tactic to distort market competition. The CMA's findings have sparked calls for more fundamental interventions to improve the quantity and affordability of new homes. Critics have pointed to the planning system as a significant barrier to meeting housing demand, with suggestions for the government to enforce housebuilding targets and prioritize community needs. Additionally, there are concerns about anti-competitive collaboration between developers, shoddy construction quality, and the lack of consumer protection. The New Homes Quality Board was recognized for its contribution and independence, with recommendations for it to be put on a statutory footing.
Britain's competition regulator has painted a damning picture of the housing market's failure https://t.co/7ubaQiu7iz
The CMA paints a damning picture of Britain's new-build housing market. But the antitrust regulator can't fix what the government fails to address, @mbrookerhk writes https://t.co/XvLdCltJhZ
An investigation into the UK’s housebuilding industry has called for a shake-up of the way homes are built so more and better houses can be constructed and the quality of new builds is improved @DavidConnett1 reports https://t.co/T8vHoQEMn9
Housebuilders have little to fear from latest look at Britain’s broken market https://t.co/Bo9xmTUz4T | opinion
A competition probe into the UK's housing market has made it pretty clear where the main problems lie - in the planning system. What does that mean for housebuilders, and for 99% mortgages? https://t.co/VKVe7f07qc
UK housebuilders set to be investigated with buyers issued £350 warning https://t.co/V84uAv1AO5
Today’s CMA report into housebuilding recognises the contribution - and independence - of the New Homes Quality Board. The NHQB should now be put on a statutory footing, in line with the intent when I set it up as founding chair. https://t.co/SrB9fgIm4q
#shockedface ... the fact that major UK house builders could be colluding—subject to investigation of course—on land-banking, the price and flow of new units to market is obvious for anyone with eyes. Just look at the market structure and the associated incentives. https://t.co/uZxd0Mul6l
Some key points from today’s CMA report on housebuilding: 📉Too few homes being built 🕹️Planning system holds back new homes. 💷Shortage reduces affordability ✅The New Homes Quality Board as base for statutory scheme 🏘️More homes needed - councils can make a real difference.
Shoddy quality with little consumer protection, anti competitive collaboration between developers, hefty estate management fees, and a private speculative system that builds too few affordable houses in a broken planning regime. It's time to build a better Britain with @UKLabour https://t.co/HeT3WrfKtq
I wish I could say this report is shocking. But the conditions described will be all too familiar to my #Battersea constituents. The govt must make developers meet housebuilding targets, and ensure communities needs are prioritised above profits. https://t.co/9Xdza2Zunw
The CMA housebuilding market study published this morning rightly draws attention to the limitations of speculative private development. As it makes clear, more fundamental interventions are required to deliver the quantity and affordability of new homes the country needs. https://t.co/RbJSuIbBHw
Housing Market: Fundamental Issues in the Construction Sector Identified in the UK https://t.co/VxLvH8I0sI https://t.co/6FR2YvmUl2
Quite important finding from the CMA: land banking is not being done to distort market competition, and is a consequence of the delays and uncertainty caused by the planning system. https://t.co/ANABuPlqx5
Worth reading the summary of the CMA's report into housebuilding in the UK and all the issues that mean supply isn't meeting demand https://t.co/QTWCWjhwNf https://t.co/SAq6kjzJpA
🏘️🏘️New: Competition & Markets Authority reports "fundamental concerns in housing market", blaming "complex & unpredictable panning system... & limits of private development" ifor underdelivery of new homes. New investigation into "information sharing" by eight house builders
We’ve found fundamental concerns in the housebuilding market, following our market study in England, Scotland and Wales. Read more: https://t.co/NyhnvHYnfr #HousingSector #Housing