The party’s manifesto from 2019 included targets of building a million more homes during the current parliament and 300,000 homes a year by the middle of this decade. The last time that many homes were built in a year was 1977, the mutual said.
Fearon (pictured), wrote: “We regularly see first-time buyers and those trying to move up the property ladder facing huge challenges in achieving their home ownership ambitions. There are lots of factors at play but the lack of housing supply remains a major obstacle and it needs the government to be loud and clear in its commitment in overcoming it.
“We’ve seen increasing talk about the need to focus house building only in specific areas but diluting the overarching target sends the wrong signal: this is a crisis that requires big and bold ambition.”
His letter also warned that the anticipated end of the Help to Buy scheme would shrink available support for first-time buyers and, coupled with the current cost-of-living crisis, would make it even more difficult for would-be buyers to pay for a mortgage.
“We are entering a considerable period of economic uncertainty with average household incomes getting squeezed tighter than we’ve seen for decades. Supporting our housing infrastructure would create valuable growth opportunities for the country, create jobs and give hope for the millions of people unable to make home ownership a reality,” the letter said.
He also pointed out that the housing targets, if met, were forecast to generate £14.2bn of economic activity and create 260,000 new jobs.
Leeds said it had helped more than 20,000 first-time buyers onto the property ladder last year.
