But how did we get here? Molior cites that build costs have risen 47% since 2016, while average new-home prices are up just 4.5%. Borrowing costs remain elevated, construction labour is more expensive, and regulation continues to increase – from new fire safety rules and design guidance to second staircase requirements. Absolutely no one disputes the importance of building safety, and the rigour of our systems is a reassurance to investors and communities, but when you layer on inflexible affordable housing policies, community infrastructure levies, and a slow planning process, it is little wonder schemes are no longer viable.
