Number of new homes continues to rise

May 2, 2024 by Heidi

House building

The latest figures for the construction industry in the UK show that there was a notable rise in the amount of brand new houses that were built during the last quarter of 2023.

These figures come from the Office for National Statistics (ONS). According to them, a total of 50,650 new houses were completed during that quarter. This represents a rise of more than 10% in comparison to the number of houses that were constructed over the same quarter the year before. In the fourth quarter of 2022, 45,850 houses were completed.

When the total is compared to the third quarter of last year, there is also an increase. 47,680 houses were finished over the course of that quarter, which is 6% less than that of the final quarter of the year.

In an interview with Mortgage Strategy, Kevin Roberts from Legal & General Mortgage Services stated that:

“A healthy level of house building activity and ongoing competition on mortgage pricing has given prospective buyers a reason to have a spring in their step this April.”

He then continued by saying that the number of properties listed as available to buy at estate agents was also going up. Roberts pointed out that all of this data tended to suggest that the property market was beginning a gradual return to a much healthier state.

Mortgage advisors with a CeMAP qualification will be delighted with these figures because a lack of available housing supply is one of the biggest issues that buyers are faced with.