Supply of New Homes increases
A Housing statistical release yesterday from the The Department of Communities and Local Goverment gave figures on net supply of housing for 2014-15.
Annual housing supply in England amounted to 170,690 net additional dwellings in 2014-15, a 25% in net additional dwellings from 2013-14.
The 170,690 net additions figure for 2014-15 comprised 155,080 new build homes, 4,950 additional homes resulting from conversions, 20,650 additional homes resulting from change of use, 630 other gains and a loss of 10,610 homes through demolitions.
In response to the Department for Communities and Local Government’s announcement, David Orr, chief executive at the National Housing Federation, said: “It is promising that the number of new homes being built is increasing and we need to boost this momentum quickly if we are to meet Government’s bold, long term target of one million new homes by the end of parliament.
“Housing associations built 50,000 homes last year, 40% of all new homes in England and they are working partnership with Government to deliver thousands of new homes the country desperately needs to end the housing crisis.”
On the same day as the housing statistical release, Andy Haldane the Bank of England’s chief economist reportedly told an audience at the Trades Union Congress that Britain needed to build around 200,000 homes a year and its failure to do so was putting upward pressure on prices.
He reportedly said: “There is a chronic and accumulated imbalance between demand and supply, and it is that which is sending skyward – and has sent skyward – house prices,”