Listened this morning to the BBC’s flagship Radio 4 programme Today (25 June 2026; the bit after the 8.30am news headlines break), with anticipation and hope. A piece about the government’s 1.5 million new homes by 2029, on a serious radio programme, and sound guest contributors, Helen Gordon, CEO of the property investors Grainger PLC and planning literate (almost an extinct species) journalist Vicky Spratt, housing correspondent of The I Newspaper. Several valid but irrelevant comments about the multiple symptoms of the broken housing supply system and an apparent unity that it all comes down to where do you, ie. where does the government, get the money, ie. taxes or welfare reductions, to pay for lots of affordable homes? This mind-set, from sensible people, illustrates how far perceptions are removed from the true cause of supply failure. The perception that lack of money to build causes the housing supply crisis is like recognising there is supply a problem then looking at it through the wrong end of the telescope. Lack of money never stopped Campbell Gordon clients building out projects. What did stop projects was one of two things missing. Lack of clarity by the client about their destination. And two, lack of regulatory consistency.
What did this mean? Investors, which includes trader developers, long term investors want regulatory consistency above all else. Which explains why Andy Burnham was able to do a good regeneration job in Manchester, using the solid long term spatial foundation policies of his predecessors. Stability which is credible for investors takes a long time to build-think generations; quite the opposite of five year election cycles and policy reversals!
How can government provide this sort of investor friendly, policy certainty in a market torn in opposing directions: local fear of local change versus national need for growth? By using the Bank of Time, like Burnham in Manchester. Time is critical. It creates value, destroys value, raises fears and mollifies fears, How is the Bank of Time created and then delivered .to the standard that investors will trust and then act upon? Look at the RICS RedBook on Present Values.
What do you think your home will be worth in 10+ years from now. You have no idea. Nor do investors. But you live in your home so it has value to you every day.An investor does not have this return, only the interest income and the possibility of turning the income stream into capital/cash when his/her investment policies change.
Snag is for forty or fifty years English political parties, especially if must be acknowledged the Tories have played musical chairs with their own housing policies. Nationally until the 2010 general election aspiring MP’s ignored housing as a wicked topic whilst their local namesakes opposed the housing policies of the ruling council as an opportunity to bludgeon their opponents. regardless of the long term civic damage they imposed. Look at Labour’s council in Reading in 2014 local elections.
What is the answer. Political parties who care about their country’s future must work together to produce long term spatial planning policies. And once these are in place these policies must be beyond the reach of short term yayboo pressures from local leaders, local residents and local nutters. Putting such policies together will be difficult and locally contentious. But a new calmness will follow and future generations will not have to devote half their income to housing accommodation.
Whilst I think the way Burnham has come to the steps of power is a disgrace, it maybe a blessing too, if his Manchester experience has taught him the need for cross-party alignment on spatial issues. Whether the current leaders of the other political parties are ready yet to leave the school playground is unclear.
Ian Campbell
25 June 2026
