Surge in housebuilding proves promising

New Government figures from the Department for Communities and Local Government have shown an impressive surge in house building between April and June this year.

The statistics show that during this period there were a total of 29,510 new homes started - 6% highter than the previous quarter, and a third higher than the same time last year. Seasonally adjusted private enterprise completions increased by 11%.

This growth in the construction sector has been attribued to the wide range of government measures currently in play, which have also led to the hightest number of first-time buyers and lowest level of repossessions since 2007.  These include;

• New housing supply at its highest level since 2008, with a total 334,000 new homes built in England over the past 3 years
• Over 150,000 new affordable homes built over the past 3 years thanks to the wide range of affordable housing programmes, including £19.5 billion of public and private investment over this Spending Review, and over £22 billion investment in the 3 years after that.
• Interest rates kept low thanks to government action to tackle the deficit inherited from the last administration.
• Over 10,000 reservations for newly-built homes in just the first 4 months of the government’s Help to Buy: Equity Loan scheme.
• The Funding for Lending scheme, which has increased the availability of competitively priced mortgages.

Communities Minister Brandon Lewis said: "Under the last administration, housebuilding fell to its lowest peacetime rate since the 1920s. But today’s figures clearly show government action is bringing confidence back into the housing market and getting Britain building again, with starts increasing by a third year-on-year. We’ve already delivered over 330,000 new homes over the past 3 years, and 150,000 affordable homes. There is more to do, but today’s figures reinforce the momentum towards getting Britain building again."

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