Private New Housing Investment Triples Since 2013
Total housing output has experienced strong and sustained growth since 2013.
Over the past decade, private investment in new housing has tripled from £1.145 billion in 2010 to £3.025 billion at the end of 2019, according to ONS data.
Similarly, new housing investment has almost doubled from £342 million to £588 million in November 2019.
Overall, total housing output has risen by 58.9% since January 2013.
The House Building; New Build Dwellings, England: September Quarter 2019 report has also found a 2% rise in new build dwelling starts between March and June and July and September.
However, given the political uncertainty last year, on an annual basis, the 39,510 new build dwelling starts for the three months to September have fallen by 11%.
Furthermore, the 157,550 new build dwelling starts in the year to September represented a 7% decrease compared with September 2018.
New build completions were strong in 2019 both annually and quarterly. On a quarterly basis, completions rose by 2% to 46,000.
The 177,980 annual completions to September 2019 also indicated a 9% rise from the previous year.
When broken down, housing association starts were 4% lower than the previous quarter and 14% down on an annual basis to September 2019.
However, private enterprise new build dwelling starts were up by 3% quarterly and 5% annually.
Andy Sommerville, Director at Search Acumen, commented:
“Today’s statistics show that Britain’s house construction is experiencing healthy growth – particularly in the private sector. While there is much to hearten, we must not be complacent.
“Instead we have to press home the advantage and ensure that this growth is sustainable and commensurate with Britain’s housing needs. To do this, we must unleash public/private synergies, in particular, making public data more available for housebuilders and conveyancers to use. We all benefit from there being enough housing: having the data to know where to build is integral to making that happen.”