House building in England is up by nearly a fifth compared to last year, the latest statistics show.
Figures published today by the Department for Communities and Local Government show 36,230 new housing starts in England between April and June, flat on Q1 2014 but up 18 per cent on the same quarter last year.
It brings the total number of starts over the last 12 months to 137,780, a 22 per cent increase on the previous year and the highest level of house building since 2007.
But starts are still 26 per cent below the March quarter 2007 peak, while completions are 39 per cent below their March quarter 2007 peak, the figures show.
Aldermore managing director of mortgages and commercial lending Charles Haresnape says that while some of the statistics are positive there is more to be done.
“Both starts and completions are still well below their March quarter 2007 peak. The Government and banks must continue to support smaller property developers who are most likely to plug this gap, and especially those developments outside London and the South East.”
But Duncan Kreeger, director of lender West One Loans, comments: “This is not the flood of new homes that we need. Builders are striving valiantly compared to the darkest days of 2009 – but that was half a decade ago.
“The tide is gradually moving in the right direction. But the UK property industry can’t forever compare itself against the benchmark of its deepest troughs. We still need to provide twice as many homes again every year – and now the goal must be real progress.”
While planning changes are well and good, lenders must do their part to make it easier to get finance for building, he says.
Loading ...