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Homebuilding still below pre-credit crunch levels

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The number of homes being built is rising but more are needed to meet demand
Homebuilding still below pre-credit crunch levels

The number of new homes built last year rose 15% on the previous year, to 217,350, said the Department for Communities and Local Government (DCLG). And it has risen every year since 2010.

But this year’s total is still less than the 250,000 needed annually just to keep up with the demand from a growing population.

And it’s fewer than the number of houses being built each year before the credit crunch and subsequent recession.

Prime Minister Theresa May pledged to build more: “For decades we simply have not been building enough homes, nor have we been building them quickly enough, and we have seen prices rise,” she said.

“That is why I have made it my mission to build the homes the country needs and take personal charge of the Government’s response.

“Today I am seeing the work now underway to put this right and, in coming weeks and months, my Government will be going further to ensure that we build more homes, more quickly.

“This will be a long journey and it will take time for us to fix the broken housing market – but I am determined to build a Britain fit for the future.”

With the Autumn Budget around the corner, it is expected, and widely hoped, that there will be a funding boost from Chancellor Philip Hammond for more affordable housing.

Watch this space…

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