UK new home building climbs 15% year on year

 
UK new home building climbs 15% year on year

Supply and demand has been one of the biggest problems reported in the UK property market for a couple of years now, with the fact that there are so many more buyers than properties available meaning that demand has been pushed higher and higher. This imbalance has bred competition in buyers, leading to house prices rising sharply at key times. 

Addressing the imbalance and finding ways to correct it has been a key issue for some time, and the market itself seems to be making a real effort, with reports released showing that there has been a real rise in house building in the last year. 

New homes are very important to making sure demand for homes is met, and according to the latest figures from the Office for National Statistics, there were some 131,000 built over the course of the past 12 months. 

The data shows that this is a marked improvement on the year before, with the volume of construction being 15 per cent higher year on year. In addition to this, the figures indicate that it is now the best performing year in the market at any time since 2009, when the property sector was only starting to recover from the recession and house building was climbing as demand started to rise once again. 

Speaking of the latest figures, housing minister Brandon Lewis said: "This has provided a real boost to the UK’s construction industry and is delivering the homes that hard-working people rightly deserve. However, we know there is more to do." He said that while this year's figures are strong, he still hopes to see it more than double in the next five years. 

The government has set a target for house building of some 275,000 new homes per year by the end of 2020, and Mr Lewis said that should this be achieved, it would represent the fastest rate of construction for more than 20 years.