The Government will fall considerably short of its target to build 1.5 million new homes in England by 2029, according to a new estimate. Property agent Savills forecasts there will be 840,000 new homes completed during this Parliament - just over half of the 1.5 million figure pledged in 's manifesto, which is being spearheaded by Deputy PM .

Savills said demand for new homes has subdued, and the Government should consider re-introducing a support scheme like Help to Buy, which ended in 2023, to get first-time buyers on the property ladder. Dan Hill, from Savills' research team, said: "Based on current policy and trends, housing completions are likely to remain low, between 160,000 and 170,000 per year over the next few years. While it is possible to exceed this, demand support would be needed.

"Even with this, delivery will be constrained by the speed at which the housebuilding sector can expand its supply chains and labour force. This means completions are still likely to fall short of the Government's target.

"At most, we think very significant demand support could push completions to 1.2 million new homes by March 2029."

Savills said Help to Buy "significantly" increased demand for new homes, pushing sales above the long-term average, adding that a new scheme would be needed to see those levels return.

It said there has also been declines in Build to Rent properties, stating the start of the fall correlates with a rise in interest rates and ' disastrous Mini-Budget in September 2022.

Savills warned this decline will likely impact new build completions over the next few years.

It added grant-funded affordable housing is the simplest way to increase new homes, but warned this is currently challenged by the "limited financial capacity available within the Housing Association sector".

New planning reforms to free up more land to build on have been welcomed by Savills, but the housing experts said further measures are needed.

The Government has received several warnings that the 1.5 million new homes pledge is unrealistic, including and .

The Ministry of Housing, Communities and Local Government (MHGLC) said the goal is a "stretching target", adding it is taking "decisive action" to speed up planning processes and build the homes needed.

A MHGLC spokesperson told the Express: "The Government inherited an unprecedented housing crisis, and despite this we will get Britain building again through our Plan for Change.

"Our seismic reforms will help drive UK housebuilding to its highest level in over 40 years, and we are delivering the biggest boost to social and affordable housing in a generation alongside supporting first-time buyers by launching a permanent, comprehensive mortgage guarantee scheme."