Report finds all parts of housing development saw growth in Q3
Savills have published their housing supply update for Q3, revealing rises in the numbers of completions, consents, and new home starts.
The update also found that all parts of the housing development sector experienced growth in 2022 up to Q3. However, due to housebuilders reporting lower sales figures Savills have predicted home building numbers will reduce in 2023.
According to the report, the number of new home builds are at their highest level since 2008, with completions also on the rise with 244,200 new homes built in the last 12 months. The report also revealed that the number of consents rose after multiple consecutive sectors of decline with a reported 285,000 new homes gaining consent. Although, this is 12% below the average number of consents from 2017-19.
Delivery of affordable homes fell by 15% in 2020/21, but recovered strongly in 2021/22, according to the latest data from DLUHC. Overall, figures suggest affordable home ownership has returned to pre-pandemic levels. It was also revealed that “First Homes”, a new type of discounted market sale housing, saw its first completions. However, the report predicts that the sector is likely to face difficulties with inflation with limited ability to pass costs onto tenants.
To view the entire report click here.
