Gordon Brown has previously said that three million new homes will be built before 2020.
The government's house building target is unlikely to be met - causing long-term pain in the mortgage market.
New data from the National Housing Federation (NHF) shows that Gordon Brown's public aim of building three million properties by 2020 is likely to be only half-met, the Press Association reports. The firm said today that it forecasts that just 1.6 million newbuilds will be completed over the next 12 years - with the target only being met in 2029.
This is likely to cause severe strain in the housing sector, as the UK's population is predicted to rise steadily over the years to come. The resulting long-term housing shortage will drive mortgage costs up.
The construction sector has been particularly badly hit by the credit crunch, with firms having difficulty raising money for big projects on the currently-frozen financial markets.
David Orr, chief executive of the NHF, said: "The prime minister was both brave and right to put the dire need for new housing centre-stage, and make it a national priority, when he took office last summer.
"However, with the global credit crunch worsening, and conditions getting tougher for all house builders, it is time to recognise that the very commendable 2020 target is now almost impossible."
