New Government figures in the UK show nearly 200k homes were added to the housing stock in the last financial year.
This confirms the Government’s plan to deliver one million homes in this parliament is on track.
The numbers, generally accepted as the most accurate barometer of housing supply, clearly demonstrate the house building industry is responding to Government policies aimed at stimulating supply.
They show there has been a 52 per cent increase in housing supply over the past three years.
The new figures show overall housing supply from April 2015 to the date of the General Election was 200,070 up 10 per cent.Once demolitions are taken off there were 189,650 net additions to the housing stock, up 11 per cent.163,940 new build homes were built, up six per cent.
Due to planning reform house-builders increased office to residential conversions to 12,824.To achieve the Government’s ‘one million homes in this parliament’ target, output needs to average 200k homes a year.
The new figures, effectively covering the first year of the parliament, show recent increases in housing delivery have been sustained and built on, with all indicators suggesting further increases will occur.
A recent construction report stated it takes on average more than six years for a large site to receive full consent in terms of planning permissions. These are currently running at C275k a year, providing a strong forward indicator of future supply.Planning permissions are generally built out over the next three to five years depending on size of site and advanced infrastructure requirements.
The Government’s Help to Buy scheme has now delivered almost 100k sales.
Speaking today, Stewart Baseley, executive chairman of the Home Builders Federation said: “These figures provide the best evidence to date as to how much house builders have ramped up housing supply. The Government’s ambitious target to build one million homes over the course of this parliament is now within reach.”