It has been revealed by Rightmove that the number of new housing developments going onto the market has dropped to its lowest point in nearly a decade. The May data recorded shows that the amount of properties being listed is at its lowest since May 2017.

Construction firms outline that delayed projects, reduced budgets and reluctance for investment are the main reason for the sharp decline. Rightmove’s data suggests that the Government is dragging way behind its planned housing ambitions, despite introductions of measures to accelerate housebuilding and reduce delays. This raises questions on whether Labour can fulfil its promise of building 1.5 million homes during this Parliament.

However, despite this reduction of new builds, the wider housing market has seen a rise in available properties. In fact, the total number of homes for sale is now 85% higher than it was in 2022.

Yet this has not resolved the longer-term shortage of affordable homes.

Colleen Babcock, property expert at the company, said: "Despite the historically high number of available homes for sale, there is still a long-term shortage of affordable homes in the right place.

"We need more homes to support people at every stage of the moving journey, from first-time buyers to downsizers."

It is required under government policy that a certain amount of homes within new developments are affordable housing. This is to help first-time buyers step onto the property ladder.

Britain’s largest house builder Barratt Redrow has called upon ministers to offer greater support for those purchasing their first home.

Steve Mariner, sales and marketing director at Barratt Redrow, said that: “Increasing regulatory costs are holding new homes back, while low customer confidence, higher borrowing costs and wider economic uncertainty are all making it harder for first-time buyers to get on to the housing ladder."

A spokeswoman for the Ministry of Housing, Communities and Local Government said: "We're building the homes this country needs and have always said that housing supply will ramp up in the later years of this Parliament as our major reforms begin to bear fruit."

She added: "We have already seen a 15% increase in new housing starts compared to last year and our planning changes will help developers weather geopolitical pressures."