The King’s Speech has outlined Government proposals to "get Britain building", as the Labour Party looks to uphold its promise to reform the system in order to build 1.5 million new homes over the next five years.

In the opening of Parliament, King Charles III said that through planning reform, the Government will "accelerate the delivery of high-quality infrastructure and housing".

His Majesty added that the Government, led by Sir Keir Starmer, will also "pursue sustainable growth", through investment in “industry, skills and new technology".

In order to deliver these new homes, the King outlined plans to give England’s metro mayors and regional Governments more spatial planning powers in order to deliver these homes.

The King’s Speech also included the introduction of renting legislation to "give greater rights and protections" to renters, outlining plans to end no-fault evictions. His Majesty also added during this Government, there would be draft legislation on leasehold and commonhold reform.

New homes director at the Mortgage Advice Bureau, Mobeen Akram, said: "Today’s King’s Speech has further underlined our new Government’s commitment to reignite the housing industry. Now that the dust has officially settled, it's time for Labour to deliver on all the proposals they brought to the table.

"Even at these early stages, there’s no doubt that the government’s focus on planning as a driver of economic growth is a positive development for the industry, but Labour has an uphill climb ahead of them.

"To reach that all-important 1.5 million homes target, we need to get off on the right foot. By pushing the need for collaboration between the government, lenders, and housebuilders, we may start to see some progress. Whether it’s mandatory housebuilding targets, investing in local authorities, increasing product innovation or additional support for first time buyers, we all have our part to play in driving growth across our sector."

Alongside these plans, His Majesty also mentioned plans to introduce a new Pensions Bill, which took many analysts by "surprise".

The measures proposed include the consolidation of small, deferred defined contribution pension pots and progress on the value for money framework.

Head of pensions at Aegon, Kate Smith, added: "With so much of Labour’s pre-election talk centring on their desire to complete a full review of the UK’s pensions landscape, we had expected the new government to skip the inclusion of a Pensions Bill in today’s King’s Speech. To our surprise, that’s exactly what we ended up getting.

"The new Pensions Schemes Bill looks like a sign of continuity, adopting many pensions policies already in motion from the previous government. Labour will be moving fast to make this happen, improving saver outcomes and supporting investments by enabling schemes to invest in a wider range of assets.

“The measures proposed include the consolidation of small, deferred DC pensions pots and progress on the Value for Money framework, both of which allow for consolidation and leading to better member outcomes. In addition, trust-based schemes will be legally required to offer retirement products in-house or in partnerships, as well as a default solution for those unable or unwilling to make their own choices."

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