UK Housing Secretary Sets Ambitious Target: 1.5 Million Homes by 2029

UK Housing Secretary Vows to Build 1.5 Million Homes by 2029 LONDON (AP) - The new UK housing secretary, Steve Reed, has reaffirmed the government's commitment to building 1.5 million homes in England by 2029, a target that industry leaders have described as "ambitious" and "challenging." Reed, who took over the role last week after Angela Rayner's resignation, told the BBC on Wednesday that the only way out of the country's housing crisis was to "build baby build." He warned developers that they would face sanctions if they failed to meet their targets, but did not specify what those penalties might entail. "We are absolutely committed to delivering 1.5 million new homes by 2029," Reed said. "It's what we're going to do." The UK government's housing pledge is part of a broader effort to address the country's chronic shortage of affordable housing. The problem has been exacerbated by a combination of factors, including rising demand for housing, limited supply, and increasing costs. Industry leaders have expressed skepticism about the government's ability to meet its target, citing "mounting pressures" on housebuilders. "The challenge is huge," said a spokesperson for the Home Builders Federation. "We need to see more support from the government to help us build the homes that people need." The opposition Labour Party has also questioned the government's commitment to housing. Shadow housing secretary James Cleverly accused the Conservatives of being "anti-business and anti-growth." "Everyone knows Labour can't deliver on their housing promises," he said. Reed's comments come as the UK grapples with a growing housing crisis, which has seen prices soar and thousands of people forced to live in temporary accommodation. The government's pledge to build 1.5 million homes is part of a broader effort to address the issue, but it remains to be seen whether they will be able to meet their target. The UK is not alone in facing a housing crisis. Many countries around the world are struggling with similar issues, including Australia, Canada, and the United States. In fact, according to a report by the Organisation for Economic Co-operation and Development (OECD), the global shortage of affordable housing is estimated to be around 20 million units. The OECD has recommended that governments take a multi-faceted approach to addressing the issue, including increasing funding for affordable housing programs, streamlining regulatory processes, and promoting private sector investment in housing. As the UK government continues to grapple with its own housing crisis, it remains to be seen whether they will be able to meet their ambitious target of building 1.5 million homes by 2029. *Reporting by Bbc.*