{"id":19545,"date":"2018-08-01T09:45:56","date_gmt":"2018-08-01T08:45:56","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=19545"},"modified":"2018-08-01T09:45:56","modified_gmt":"2018-08-01T08:45:56","slug":"north-west-leads-the-way-in-providing-uk-new-homes","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/north-west-leads-the-way-in-providing-uk-new-homes\/","title":{"rendered":"North-west leads the way in providing the UK’s new homes"},"content":{"rendered":"

A new report released by estate agents Savills confirms that the north-west is ahead when it comes to providing a broader range of new housing stock.<\/strong><\/p>\n

The latest analysis predicts that the region is likely to increase its volume of residential property by 10%, while the south and Midlands<\/a> look likely to deliver marginal increases in supply.<\/p>\n

The research identifies a contrast between the north-west<\/a>\u2019s increase of 15% in 2017\/18 in the number of new houses<\/a> constructed and London\u2019s chronic shortage of affordable housing<\/a> despite planning permission being at the highest on record. London recorded a fall of 15% in output and is forecast to see annual growth decrease by around 15%.<\/p>\n

Greater volume in housebuilding is needed<\/h4>\n

Savills reports that there has been a significant rise of 74% since 2013 in new-build<\/a> homes across England and Wales, based on the government\u2019s official net additional dwellings data; recording 217,000 new dwellings in 2016\/17 compared with 125,000 recorded in 2012\/13.<\/p>\n

The prediction in net additional dwellings year on year since March 2017 to March 2018 currently stands at 218,000 – an increase of 1,000 new homes from 217,000. The government\u2019s ambitious drive<\/a> to build 300,000 new homes per year is spurring on house builders and developers, while the relaxation in planning regulations<\/a>\u00a0and the expansion of housing associations as serious players in the new development schemes are all aiding the building of new homes across the country.<\/p>\n

However, Savills forecasts that what is needed to sustain the new development momentum is a broadening of the type of homes<\/a> available. It identifies the importance of the building industry needing to cater to an increasing number of downsizers<\/a>, retirees, the build-to-rent<\/a> sector and the provision of more affordable housing.<\/p>\n

Strong property market and stable prices<\/h4>\n

The report recognises the correlation between house price growth and a boost in delivery. A stagnating property market in London<\/a> and the south-east is likely to affect the general expansion programme of providing new houses if the existing market does not become more robust.<\/p>\n

Latest sales activity reports that the stability in the north and Midlands<\/a> is in stark contrast to London and the south, where in the last year to March compared to the same previous three-year period, levels are running at 25% and 10% lower respectively.<\/p>\n

The report highlights: “Moving outside the traditional sales<\/a> market is essential to get closer to delivering the annual target of 300,000 new homes. That means more affordable, build-to-rent and retirement<\/a> housing in addition to more homes where there is sufficient market demand. If an active market is a key requirement to absorb more new homes, the outlook for increased supply is poor.<\/p>\n

“Our five-year forecasts for house prices and transactions set out limited real terms value growth even for the regions<\/a> we expect to outperform, and we anticipate transactions in 2022 to be broadly in line with 2017.”<\/p><\/blockquote>\n

“Changing non-residential space<\/a>, mostly offices, into homes has been making a significant contribution to net supply since permitted development<\/a> rights were expanded in 2012, but the stock of suitable properties for conversion is a finite resource. This source of new homes is likely to drop away in the near future, a further barrier to continuing to increase housing supply.”<\/p>\n","protected":false},"excerpt":{"rendered":"

A new report released by estate agents Savills confirms that the north-west is ahead when it comes to providing a broader range of new housing stock. The latest analysis predicts that the region is likely to increase its volume of residential property by 10%, while the south and Midlands look likely to deliver marginal increases… Read more »<\/a><\/p>\n","protected":false},"author":217,"featured_media":4637,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[42,6],"tags":[44,341,314],"class_list":["post-19545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regeneration","category-uk-housing-market","tag-new-build","tag-newsletter","tag-north-west"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/19545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/217"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=19545"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/19545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4637"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=19545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=19545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=19545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}