One thing that you’ll know if you’re looking to buy a new house is that demand often outstrips supply, leaving you fighting over a few properties with a whole load of other potential buyers looking to get up the next step on the housing ladder.
The good news is that house builders are building so many new houses to try and meet this demand that the net injection of properties into the housing supply is at its highest level for a decade according to new figures from the Ministry of Housing, Communities and Local Government, reports Yahoo Finance.
For the experts, the results demonstrate the good faith in the new build market, while the second hand market remains sluggish. Communities Secretary James Brokenshire said that the figures show they’re on track, but that they can’t afford to rest on their laurels: “We have set out an ambitious package of measures to deliver 300,000 homes a year by the mid-2020s. This includes over £44 billion investment, rewriting the planning rules and scrapping the borrowing cap so councils can deliver a new generation of council housing,” he said.
At 222,190 new homes built, in the past year the most homes were created in a year since 2007/2008, where 223,530 were made. These figures don’t just reflect new builds, however, 195,290 did come from this source. Nearly 30,000 new homes came from converting non-domestic buildings into residential ones, including converted former offices, while nearly 5,000 came from carving up larger properties into flats. Just over 8,000 were demolished, bringing the overall net injection down.
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