Most new builds commissioned in North West
The North West led all regions for new-build properties commissioned in the third quarter of this year, according to the latest Market Insight report from construction data experts Barbour ABI.
It noted that the region saw a significant boost in the number of new build properties commissioned – 5,275 units.
In total, £621m-worth of property development was commissioned in the last three months, with £608m from the private sector. This should provide a boost in confidence across the industry and region, as investors are giving the go-ahead to a significant amount of residential projects.
Greater Manchester saw the leading amount of residential investment in the North West, with major projects commissioned including two city centre £40m projects, the New Union Street and Axis Tower developments, constructing 302 and 172 apartments respectively.
Michael Dall, lead economist at Barbour ABI, said: “With a lack of housing across the North West heavily publicised, it’s welcoming news that the region leads the UK for new build units in the third quarter of the year.
“With the mismatch between housing supply and demand, property prices have continued to rise at a significant pace in the region. Home movers, investors and housebuilders will welcome the news, as major residential investment has been poured into the North West in the last quarter, which will hopefully help to alleviate the housing shortage.”