Migrants are putting huge and unsustainable pressure on Britain's broken housing market, according to the country's Housing Secretary, Michael Gove. Gove admitted that the market's failure to keep up with the number of people moving to Britain is worse than previously thought. Last year, a record 745,000 migrants came to Britain, despite repeated promises from the Conservative Party to cut immigration numbers.
Market Failure and Worsening Situation
Gove acknowledged that the UK does not have enough homes to match the demand from immigrants, stating, "Yes, in fact, I think actually the situation is – if anything – worse than you depict." He emphasized the need to bring migration down in order to repair the overwhelmed housing system. However, Gove also acknowledged that regardless of immigration, the country needs to build more homes.
Building More Homes and Government Targets
Rishi Sunak, the Chancellor of the Exchequer, has stated that the government is on track to meet its target of building one million new homes before the next general election. However, last year, the Tory manifesto commitment to build 300,000 new homes annually was scrapped, and rules enforcing construction in local authorities were weakened. Speaking at the Global Investment Summit, Prime Minister Sunak pledged to take further action to reduce soaring migration and admitted that more needs to be done to fulfill the government's promises.
