Increase in the number of new home starts
Since the Government’s earlier announcements regarding plans to build more homes in Britain to ease the housing crisis and improve affordability, there has been uncertainty over whether they will reach their targets by 2020 following Brexit. Although the uncertainty surrounding the Brexit vote caused industries to slow down, there has been signs of improvement in the number of new homes and commercial properties that started construction over the past year.
According to the National Housing Federation, there has been a 13% increase in the number of new starts by housing associations. These new builds include affordable properties for rent and homes to be put on the market for sale. As well as this, there has been an increase in registrations with the National House Building council, which is required for taking out insurance on projects before construction work begins, a further indication that the market is improving.
Although there have been declines in completions, an increase in new construction starts shows that the sector is heading in a positive direction. Amongst the number of new starts across the country, statistics show that London had the greatest increase in development over the year. Let’s hope this continues regardless of the outcome of the upcoming general election, and following successful completions, the UK will be one step closer to relieving the imbalance between supply and demand.
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