Construction of new housing has increased by 5.6% both in the past three months and year-on-year.
The Office of National Statistics (ONS) recently released a report on output by the UK’s construction industry during the month of August. The report compares the statistics to the previous three months and year-on-year, showcasing the specific types of construction that are excelling.
The rise in construction is a positive start toward the government’s housing goals
The findings highlight that construction as a whole has seen a rise across Britain. However, the rise in construction of new housing is perhaps most significant given the government’s prioritization of new housing.
This year the government set a target of building 300,000 homes annually until the mid-2020s with the intention of easing pressure on the housing market. The recent data represents a positive start towards ensuring new builds keep pace with the increasing property demand.
The north-west leads the way
A press release by the government recently analysed the high growth in new housing in the north-west. In the three months to August, the north-west saw a 15% growth in construction output compared to the same period in 2017, which is 10 times the national average.
Jake Berry, minister for the Northern Powerhouse and Local Growth, commented: “It’s wonderful to see how the Northern Powerhouse is driving investment in the north-west and helping grow the construction industry to the tune of over £600m.
“Anyone visiting the north-west can see the huge number of construction projects underway and these figures show just how valuable they are.” Additionally, in the north-west, the value of new housing construction work went up by £386 million this quarter compared with the same quarter last year.
A recent UK House Price Index even highlighted the north-west as boasting the highest property price rises in the UK, evidence of its thriving property market. With improvements to the north-west’s housing market, infrastructure, and economy, it’s becoming a prospering region ideal for homeowners and investors alike.