New Build Growth
The volume of new homes being built in England has increased by 21% since this time last year making it reach the highest level since the financial crisis in 2008.
According to the latest figures supplied by the Department for Communities and Local Government, in the first quarter of 2017 over 43,000 homes were started to be built and 39,520 were completed.
The increase in the figures suggest that the number of homes being built is approaching a similar level to before the financial crisis, with the rate of homes started now just 12% off its 2007 peak. In the last year 162,880 homes were started and 147,960 were completed.
Despite what are extremely encouraging figures, that are a testament to the confidence that new home developers have in the housing market, there is still perceived to be a shortfall in the housing stock.
Around 300,000 new homes were being built each year during the early 1970s, and official figures suggest that the country needs around 250,000 new homes each year in order to keep up with demand.
Steve Clarke conveyancing director based in Norwich said “We work with quite a few of the national housebuilders and they have kept us very busy in the first half of 2017, with the expectations that this will continue for some time to come
Our conveyancing teams have been very active right across the new build sector, dealing with small, single plot developments through to large speculative estates. The A11 corridor through Wymondham and Attleborough has been particularly busy, which is good news for Marc Greig and his team who cover the area and further afield from our office in Attleborough.
The new build sector is run to tight time scales, so the need for the team to work speedily and efficiently to support the developers is paramount.
The government Help to Buy scheme, which enables first time buyers to get on the property ladder more easily, has helped improve rates of building considerably. Many of the purchasers we act for are taking advantage of the equity loan scheme that allows first time buyers to borrow up to 20% of the purchase price, as long as they have a 5% deposit themselves.”
If you need to talk further about buying and selling a house or developing a piece of land then you can contact Steve Clarke at sc@rogers-norton.co.uk or on 01603 675633 or Marc Greig at mcg@rogers-norton.co.uk or on 01953 458160.