Most parties have shown a shared ambition to build a significant number of new homes, with targets varying from 15,000 to 30,000 a year.

This would undoubtedly offer a positive boost for the sector. However, numerous factors and persistent challenges need to be addressed if these targets are to be met.

Our latest Real Estate 360 report found that over a third of respondents (39%) cited increasing cost of development as the biggest barrier to meeting the UK-wide government housing target, with 26% noting planning challenges as the largest barrier.

Most parties have announced plans to reform planning processes to expedite approvals, although via varying methods, which could help to address some of these issues. However, while these measures would allow building work to commence, there also needs to be a focus on incentivising developers to take on these projects.

Uncertainty around material prices, a shortage of skilled labour and increasing pressure from governmental regulation and tax issues coupled with low consumer confidence, flat house prices and rising mortgage costs all have a significant impact on working capital management, and are meaning many developments are becoming less viable.

Further support from the new government for house builders to alleviate these pressures may therefore be needed to ensure projects are viable and completed as planned.

Many of the proposed house building targets reflect an increase from what has been achieved in the last ten years, with an average of 18,000 to 20,000 new homes completed each year since 2016. The challenge will be in securing the manpower to deliver this ambitious target, with an ageing workforce and a continued challenge around attraction to the industry.

All parties have promised more funding for apprenticeships, with some focusing on construction, which could help with skilled labour availability in the long-term, and therefore help to boost housebuilding activity.