The latest housing construction figures from around the country are encouraging as the number of newly-built homes has climbed to its highest level in eight years.
There were 137,010 new builds last year, according to stats from the Department for Communities and Local Government. This is a 10 per cent increase compared to 2013 and the best annual total on record since 2007.
The situation in London was even better with construction levels beating the stats from 2005/2006.
Since 2009, the number of new homes in the UK has risen by 700,000, of which 200,000 were developed since the launch of the Help to Buy: mortgage guarantee scheme in the autumn of 2013.
Housing Minister Brandon Lewis welcomed new figures and said:
“We inherited a broken housing market in which builders couldn’t build, lenders wouldn’t lend and buyers couldn’t buy. We’ve done a lot to help get the housing industry back on its legs, but there’s more to do.
“Today’s figures show we’re on track and turning this around. Now, housebuilding levels are at their highest annual total since 2007, and first-time buyers are getting on the property ladder in record numbers.
“This is thanks to our long-term economic plan and efforts to tackle the deficit we inherited, which are keeping interest rates at their record low and mean now is the best time on record to take out a mortgage.”
The government has prioritised limited financial resources to housebuilding as a key part of its long-term economic plan.
