Business
Number of new homes falls to near-decade low despite Labour’s housebuilding pledge
The number of new homes in England has fallen to its lowest level for nearly a decade, in a blow to Labour’s hopes of meeting one of its key manifesto pledges.
Keir Starmer has promised to build 1.5million new homes in five years, an average of 300,000 homes per year, but official figures show just 208,600 were created in England in 2024/25, down 6 per cent from 221,409 the previous year.
The number of additional new homes is the lowest for a financial year since 2015/16, when the figure was 195,534.
Housing secretary Steve Reed said the statistics showed “the extent of the housing crisis” Labour inherited, but the Tories said the figures showed Labour “have no plan for delivering new homes”, adding that numbers had fallen to a level “below what the Conservatives achieved during a global pandemic”.
Mr Reed said Labour had taken over “a planning system that blocked rather than built, and high inflation and soaring construction costs that created a perfect storm holding back housebuilding”.
He insisted the 1.5 million homes target was “not just a number – it’s a way to give children a secure home, for young people finally to move out and enjoy independence, and for working families to have place to call their own”.
But Sir James Cleverly, the shadow housing secretary, said: “The Labour government’s record on housing is abysmal. Their own statistics are a damning indictment of their failed housing policy. New builds are down to a level below what the Conservatives achieved during a global pandemic.
“Labour’s much-trumpeted target of 1.5 million homes is dead in the water. Clearly, they have no plan for delivering new homes. So much for ‘build, baby, build.’”
There were 190,602 new builds, 17,708 properties that saw a change of use from non-domestic to residential, plus 3,846 conversions between houses and flats, according to data published by the Ministry of Housing, Communities and Local Government (MHCLG).
A further 1,076 other types of homes were added, such as caravans and house boats, while there were 4,632 demolitions.
The number of new homes supplied in England – defined as “net additional dwellings” – is based on local authority estimates of gains and losses.
The government has pledged to deliver 1.5 million new homes in England over the course of this parliament, which is due to last until summer 2029.
Separate figures published by the MHCLG alongside the annual data suggest 124,800 new homes have been delivered in England so far this financial year (from April 1 to November 9), while 275,600 have been delivered since the start of the current parliament on July 9 2024.
Net additional dwellings are “the primary and comprehensive measure of total housing supply”, the MHCLG said.
The annual total hit 248,591 in 2019/20: the highest number of new homes in any financial year so far this century.
Soft drinks company Twig’s Beverage has a loyal following for its old-fashioned approach.
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The Chancellor is trying to use this moment as a launching pad for a wider attempt to gee up consumer and business confidence.
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Business
Oil market price battle: Russia and Iran offer deeper discounts to China as crude piles up at sea – The Times of India
Russian and Iranian oil producers are reportedly offering deeper discounts to compete for the same limited pool of Chinese buyers after India pulled back from purchases. Analysts say India’s imports from Russia could fall by 40 per cent from January levels, to around 600,000 barrels a day, according to a scenario from Rystad Energy, as reported by Bloomberg.Much of the displaced crude is heading east, sparking a price war with Iranian suppliers, long favoured by China’s independent refiners, known as teapots. Russian Urals crude is reportedly selling at about $12 a barrel below ICE Brent, up from a $10 discount last month. Iranian Light crude is going for as much as $11 below the global benchmark, widening from $8–$9 in December, according to traders.
“The Chinese private refiners cannot take in much more as their capacity is likely maxed out,” said Jianan Sun, an analyst at Energy Aspects, noting that sanctioned barrels are building up in both onshore and offshore storage.China’s teapots historically act as a pressure valve, absorbing barrels shunned by others, but their capacity is limited; they account for roughly a quarter of the country’s refining capacity and are also subject to government import quotas. Major state-owned refiners, meanwhile, have traditionally avoided Iranian crude and have recently largely stayed away from Russian barrels as well.With China unable to fully absorb the displaced supply, unsold oil is piling up in Asian waters, leaving Russia and Iran scrambling. The Kremlin has already cut output, depriving it of funds for its war in Ukraine, while Iran is trying to ship as much oil as possible amid fears of a potential US strike.Data shows Russian oil deliveries to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, a roughly 20 per cent increase from January and nearly 50 per cent higher than December. By contrast, Iranian exports to China have fallen about 12 per cent from a year earlier, to roughly 1.2 million barrels a day, according to Kpler. The firm estimates nearly 48 million barrels of Iranian crude are now at sea, up from about 33 million in early February. Russian cargoes sitting in Asian waters total around 9.5 million barrels.A potential US strike on Iran could disrupt exports if oil facilities are targeted or shipments through the Strait of Hormuz are blocked. Russian barrels carry a “relatively lower level of risk” for Chinese buyers compared with Iranian crude, said Lin Ye, vice president of oil markets at consultancy Rystad Energy, citing optimism over a potential ceasefire in Ukraine.
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