Public confidence in the Labour government's handling of housing policy has fallen to just 17%, according to recent polling data from Ipsos. This represents a four-percentage-point drop since May 2025, underscoring the significant challenges facing ministers as they strive to meet their ambitious target of delivering 1.5 million new homes over the course of the current parliament. The figures suggest a growing public scepticism regarding the government's ability to tackle the UK's long-standing housing crisis.
The decline in public trust comes at a time when the housing market continues to present complexities for various demographics across the UK. While recent data from sources like Rightmove indicates some stabilisation in asking prices, with an average house price of £375,110 in May 2024, affordability remains a major hurdle for many. For first-time buyers, high mortgage rates, despite some recent easing, combined with substantial deposit requirements, continue to make homeownership a distant dream. The average five-year fixed mortgage rate currently hovers around 4.90%, according to Bank of England figures, significantly higher than pre-pandemic levels.
Regional variations in house prices further complicate the picture. Zoopla data from April 2024 showed average property prices in London at £523,666, while the North East of England stood at £169,459. These disparities highlight the uneven impact of housing policies and economic conditions across different parts of the country. Existing homeowners, particularly those coming off favourable fixed-rate deals, are facing increased monthly repayments, squeezing household budgets. Landlords, meanwhile, are navigating changes to taxation and regulatory environments, alongside rising interest rates on buy-to-let mortgages, which can impact rental prices and availability.
The government's commitment to building 1.5 million homes aims to address the chronic undersupply that has driven up prices and made housing unaffordable for many. However, the Ipsos polling suggests that the public has yet to see tangible progress or feel confident in the strategies being employed. Previous initiatives, such as the Help to Buy scheme, which closed to new applications in 2022, aimed to assist first-time buyers, but the current landscape demands new, effective interventions to boost supply and improve affordability.
The drop in confidence also raises questions about the effectiveness of current planning policies and the speed at which new developments can be brought to market. Overcoming local opposition, securing adequate funding, and ensuring the necessary infrastructure is in place are all critical components of meeting housing targets. With a general election on the horizon, housing is likely to remain a key battleground, and the government will be under increasing pressure to demonstrate progress and rebuild public trust in its approach.