No but it helps and don't forget affordable rents and some council houses. As council houses need to be self funded I don't expect huge numbers of new builds. That aspect also influences time scales for improving existing stock where that is feasible. The other option is demolish and rebuild. Then comes the question of what the council does about the land if they go that way. If they retain ownership new builds would have to be sold leasehold.Seems to have gone quiet on the 1.5 million new homes Labour promised. That would solve all the problems wouldn't it.
The self funding aspect does not generate much excess for building more or improvements.