Sir Keir Starmer has announced that he will step down as Labour leader and Prime Minister, triggering a leadership contest to select his successor.
He will remain in office until the contest is complete, with nominations opening on 9 July and a new leader expected to be in place before Parliament returns in September.
The decision follows growing pressure within the Labour Party after a series of poor election results and concerns over the government's direction. In his resignation speech, Sir Keir said he had informed the King of his decision and stated that he did not believe he was best placed to lead Labour into the next general election.
Attention will now turn to the leadership contest, with Andy Burnham widely regarded as a leading contender following his return to Parliament after winning the Makerfield by-election.
Neil Jefferson, Chief Executive of the Home Builders Federation (HBF) says: “The Prime Minister deserves credit for the ambition he and his Government have shown in seeking to increase housing supply, particularly through the positive engagement with industry and the planning reforms announced during his tenure.
"While those changes were welcome, increased taxes and policy costs on development, alongside a lack of support for buyers, have constrained house building and created an increasingly challenging environment for the industry that a new leader needs to address if we are to increase supply.”