New home approvals in England have fallen to their lowest levels in a decade, with only 53,379 homes approved in the last quarter, marking a 12% decrease from the previous year and the lowest figure since 2014. The Home Builders Federation (HBF) indicates that planning permissions for new homes have been on a downward trend for two years, exacerbated by the previous government's elimination of binding housing targets. The Labour government aims to build 1.5 million new homes during its term, necessitating a 55% increase in planning permissions, but there are doubts about meeting these ambitious targets. In London and the East Midlands, approvals have dropped by over 40% compared to last year, with the capital experiencing the lowest number of affordable homes started during Mayor Sadiq Khan's tenure. Meanwhile, in Melbourne, a decline in new home approvals has led to rising property prices in certain areas, emphasizing the demand-supply imbalance in housing. Experts suggest that while the new government's planning reforms may provide some relief, significant challenges remain for increasing housing supply.