Bricks and mortar's crucial role in building for victory

Keir Starmer's speech last week was a difficult and confusing listen for those who switched on, with his different lists of six milestones, five missions, six first steps, seven pillars of economic stability and, not to forget, the three foundations.

- DAVID MADDOX

But in the 54 minutes of speaking and taking questions at the iconic Pinewood Studios in Buckinghamshire, two very important milestones unveiled by the prime minister will make the difference between success and failure when he goes back to voters in 2029.

The first was to change the emphasis from pure economic growth to “raising living standards”. This is partly a result of the catastrophic US election failure of the Democrats, who were hammered by Donald Trump despite achieving economic growth because it was not felt in people’s pockets.

The second is related to the first, in that it was a clear and unequivocal commitment to build 1.5 million homes in the next five years. And to do what is necessary to get that done.

It is arguably the one area where a major, tangible difference can be made in people’s living standards.

The housing crisis in numbers Selling people their council homes was arguably Margaret Thatcher’s greatest legacy but gradually, since then, the dream of home ownership has withered and died.

The Office for National Statistics (ONS) shows how few people are now able to own their own homes. The top category is the 65+ age group, 35.6 per cent of whom are homeowners. This drops to 19.6 per cent among 55- to 64-year-olds; 19 per cent for 45- to 54-year-olds; 15.2 per cent for 35- to 44-year-olds; and 10.1 per cent for those aged 25 to 34.

It may not be surprising because the lack of housing stock in places that need it has driven up the average price and been made worse by increasing interest rates. In January 2022, a twoyear fixed-rate mortgage was 2.5 per cent; now it is 5.5 per cent.