November 17, 2017
Housing supply hits nine year high.
Government figures released today show that 217,350 homes were added to the housing stock in England in the past financial year, the highest since 2007-08.
Between April 2016 and March 2017 the total housing supply increased by 227,170. But once 9,820 demolitions are taken off there were 217,350 net additions to the housing stock, up 15% on last year. Of these, 183,570 new build homes were built, up 12% on last year and up 55% on the figure four years ago.
The HBF said that the figures confirmed that the industry is on track to “smash the ‘one million homes’ target set by government”.
Today’s figures show that by the end of March 2017 there were 577,690 more homes in England than there were three years ago.
The statistics come ahead of next week’s Budget which is widely expected to have a housing focus. The industry is calling on the government to use the Budget to deliver further improvements to the policy environment to allow the industry to sustain this growth.
The industry is calling on government to:
· provide certainty on the future of Help to Buy post 2021
· remove barriers for SMEs, start-ups and specialist retirement builders so they can play their part in building more homes
· push forward proposals in the White Paper to improve the planning system and reduce delays that can add years to when builders can get on and build granted permissions
Stewart Baseley, executive chairman of the Home Builders Federation, said: “The housing crisis built up over several decades and will take many years to fix. Today’s statistics illustrate the huge progress being made, and the rapid rate at which builders have responded to positive measures from government to deliver more and more new homes. It is no coincidence that since reform of the planning system in 2012 and the introduction of the phenomenally successful Help to Buy scheme in 2013, housing supply has increase by a massive 74%.
“The challenge now is to expand the number of housing suppliers delivering new homes. Government needs to help create the conditions for more specialist developers and smaller firms to invest and grow their output while continuing with the positive environment that has seen larger developers drive increases in supply.”