The planning system for housing is "not working well" casting doubt on the government's goal for 300,000 new homes a year by the mid-2020s, a watchdog has found.
A series of concerns have been raised by the National Audit Office (NAO), including the "flawed" method used to assess the number of homes needed.
It also found the system used to get developers to contribute to infrastructure costs is not working properly, with the amount of cash being stumped up falling despite soaring house prices and increased profits.
"Given these problems, we cannot conclude that the planning system currently provides value for money in terms of delivering new homes effectively."
Despite the Government's plans for 300,000 new homes a year by the middle of the next decade, the NAO noted that on average only 177,000 had been built annually between 2005-2018 and the number has never exceeded 224,000.
But it said: "The systems to get developers to contribute to infrastructure costs are not working effectively, with developers successfully renegotiating initially agreed contributions on the basis they will be unable to maintain profit margins.
"Contributions agreed with developers slightly decreased between 2011-12 and 2016-17, despite house prices in England increasing by 31% and profit margins of top developers increasing."
But he pointed out more than 222,000 homes were built in 2017-18, the highest level in all but one of the last 31 years.
A spokesman for the Local Government Association (LGA) said: "Councils are committed to ensuring homes are built where they are needed, are affordable, of high-quality and supported by adequate infrastructure and services, but it is vital that they have an oversight of local developments."
Labour's shadow housing secretary John Healey said the NAO report should be "a wake-up call" for ministers.
He said: "It shows that deep cuts and poor planning changes are stopping us building the homes the country needs."