Construction in the UK at its highest level for 8 years
The number of new homes has risen by 7% over the past 12 months, with construction levels in the UK now at their highest levels since 2008.
New research from the National House Building Council (NHBC) shows that approximately 156,140 new homes were registered in the UK during 2015. When compared to just 88,993 in 2009 following on from the financial crash, this is an increase of 75% in just over 8 years.
Last year, 9 out of 12 regions in the UK saw significant growth in the number of new build homes with certain areas benefiting from higher levels of construction than others. The North West of England saw a 16% increase in housing registrations and the East experienced an annual growth of 23%.
It’s not just property investors who have benefited from the increase; the number of young first time buyers has also risen. According to the report, the number of buyers under the age of 34 grew by 6% - a positive step for the younger generation.
Graham Davidson, managing director of Sequre Property Investment, comments on the increase in construction levels –
“Following on from 2008, the construction of new homes was largely put on hold with some developments even being abandoned. The figures reported here are extremely positive and firmly reinforces the message that the UK property market is continuing to thrive. This kind of growth will continue too, as government schemes such as Help to Buy and Starter Homes allow for an increase in supply and will level the playing field for younger buyers stepping onto the property ladder.”
“The supply of homes has dipped significantly in recent years and this new surge of house building will hopefully address these issues in a bid to meet the current demand.”
Sequre has a number of off-plan and ready-built buy to let properties available. Our team source developments in key locations throughout the UK and negotiate bulk discounts on behalf of property investors. Most properties are tenanted and furnished, resulting in an income from day one. Call us today to find out more on 0800 011 2277.