Housing approvals fall to lowest level since GFC

The number of new homes being granted planning permission has fallen to its lowest level since the 2008 financial crisis. Just 269,000 homes were approved in the year to March, a fall of more than 10%. However, it is feared that this will fall even further, to just 156,000 a year, due to the recent decision to scrap mandatory housebuilding targets. The government’s target is to build 300,000 homes a year. The latest official figures reveal that in the first quarter of this year local authorities granted 75,000 decisions, down 11% from the same quarter a year earlier. The Times (£)