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UK home building achieves seven year high

UK home building achieves seven year high

Buying a property in the UK? Now could be the best time!.
Houses are being built at a rapid rate.
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Video transcript

New figures released by the Department for Communities and Local Government have highlighted a considerable upturn in UK housing new builds being completed in recent months.

With the aim of tackling the nation`s ongoing housing crisis, which has seen many areas of the country witness significant property value increases as a result of a dearth of available homes, the result comes as a boon to buyers that will hope to see increased affordability as a result of this widespread upturn in development.

Overall, the government data showed almost 140,000 new homes were completed in the year to the end of March 2016 - an annual increase in completions of 12 per cent.

It marks the highest new homes output for the UK`s residential construction sector since the height of the global economic crisis back in 2009.

Furthermore, a similar number of new homes - just over 139,000 - were started in the 2015 to 2016 period, and continues the gradual upward trend in both development starts and final roll out of houses that have been witnessed during the last two years.

Responding to the figures, housing and planning minister Brandon Lewis stated that the government`s efforts to bolster house building across the UK now appear to be bearing considerable fruit.

However, he added that `this is real progress but there is more to do. That`s why we are going further and increasing our investment in house building to ensure many more hard-working people can benefit`.

The highest levels of new home completions in the 12 months to the end of March this year were witnessed in the areas of Wakefield and London. Overall, delivery in London grew by 32 per cent in the last year, while Wakefield completions rose by an impressive 59 per cent.

It is positive news for home buyers up and down the country and comes at a time when mortgage lending across many parts of the UK is going from strength to strength.

Indeed, figures recently released by the Council of Mortgage Lenders show home buyer activities in London jumped by six per cent in the first quarter of 2016 - achieving a total value of £7.1 billion.

It is a trend that is being replicated across many other parts of the country as well, at present.

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Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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