Defiant Rayner hits back at doubters of housing pledge

Angela Rayner has hit back at critics of Labour's ambitious plan to build 1.5 million homes, warning them to "underestimate me at your peril".

- ALEX ROSS KATE DEVLIN

The deputy prime minister has come under increasing pressure over the flagship target after property agent Savills forecast that there would be only 840,000 new homes - just over half.

Ms Rayner, who is the cabinet minister in charge of the policy, said she had been underestimated "all my life" as she announced the launch of a new government-backed project to support builders.

She says the National Housing Bank will unlock new housing schemes across the UK, thanks to low-interest loans provided to developers hampered by rising inflation and higher interest and mortgage costs.

The move, backed by £22bn in government finance, will see more than 500,000 new homes built, including many social and affordable properties, says Ms Rayner.

It comes after warnings to the local government secretary that Labour's election pledge for 1.5 million homes over this parliament is unachievable. In its forecast on housebuilding published earlier this month, Savills said 840,000 new homes will be completed over the next five years, with the property firm blaming a low demand from buyers.

Government figures for 2024 also show a 28 per cent fall in newbuild starts in England compared to 2023.

However, writing exclusively for The Independent, Ms Rayner tells critics to "underestimate me at your peril" as she announced the housing bank scheme, which she claims would finally give access to housing for many hard-working families.