New build figures at their best since Enya & Kylie topped the charts but worrying devil in the ‘home start’ detail
The latest figures on new build housing data have just been released by the ONS showing the number of new build homes to be started and completed across England.
The latest data shows that: –
- Between April and June 2019 there were 38,020 dwellings started.
- During the same time frame, there were 46,960 dwellings completed.
- The number of homes being started is down 1.7% quarterly and 10.5% annually!
- Completions are up 16.8% quarterly and 10.8% annually, their second-highest rate since Q4 2007.
Founder and CEO of Stone Real Estate, Michael Stone, commented:
“The latest figures are certainly cause for some short term celebration and demonstrate we are finally starting to build more homes. Not only is this the highest level of new homes since 2007, but we haven’t seen a quarterly performance during this time of year since Enya and Kylie were topping the charts in the late 80s.
However, the devil, as always, is in the detail, and when you dig into the data there are reasons to be concerned. While completions are up notably, the number of new homes being started has declined to its weakest level since 2013.
This well may be symptomatic of a diminishing pipeline of appetite by developers given the political climate and falling house prices in the capital in particular. However, regardless of our political position, the appetite for homeownership remains, and so we have no time to rest on our laurels where current performance is concerned and must act now to reverse the negative trends developing in terms of new homes being started.”