The very simple reason why Hammond’s housebuilding target is pie in the sky
The Chancellor sounded purposeful when he declared that he’ll do ‘whatever it takes’ to boost the rate of housebuilding — including pushing developers and councils to use up land banks and act on existing planning permissions — with a view to hitting a politically symbolic target of 300,000 units per year. But I wonder whether the post-Budget small print will reveal any sort of plan to overcome the most basic obstacle to achieving this objective, which is a critical shortage of bricks? When housebuilding went into sharp decline after the 2008 crisis, many British brick factories closed down. To build even half of Philip Hammond’s target, the industry needs more
