The table comparing the government’s housing target with NHBC completions (5 October 2007, page 32) is misleading.
The government’s target of 240,000 homes per year by 2016 is for net additions to the stock (new build completions plus conversions, less demolitions), and refers to England only.
The bar chart you reproduced refers to NHBC figures, which do not account for 100% of housebuilding. It shows new-build completions, not net additions, and the figures are for the UK, not just England.
The most recent net additions figure for England was 185,000 for 2005-06. Therefore the gap with the 240,000 target is 55,000.
John Stewart, director of economic affairs, Home Builders Federation