After the good news we brought you last week about the growth in the builders' merchant market, all at Pinnacle Consulting were delighted to hear that the building industry has been given another much needed boost.
Housing starts in England have reached their highest level since 2008, according to the latest government figures released.
In the year to June 2017, 164,960 new build homes were started, a 13% increase year-on-year. Meanwhile, completions rose 11% to 153,330.
Private starts climbed 16% during the period to 139,140, whilst those for housing associations dipped 2% to 24,220.
And private completions during the year to June 2017 lifted 12% year-on-year to 125,550. Housing association completions rose 6% to 26,170.
Quarterly figures show some decline, with overall new build starts (seasonally adjusted) dropping 3% to 41,180 during the June 2017 quarter against the March 2017 quarter. But June quarter completions, at 40,310, were 2% higher.
Seasonally adjusted private starts quarter-on-quarter were stable at 35,570 (0% change), with starts for housing associations decreasing 19% to 5,280.
And private quarterly completions (seasonally adjusted) also remained the same at 32,730, with those for housing associations climbing 17% to 7,200.
Murray Smith,MD of residential property sales and development consultancy SiteSales Property Group, said: “The statistics reflect what we knew, in that completions on projects commenced pre- Brexit would be healthy, while the post-vote hiatus in the industry and an uncertain market has withheld starts in recent quarters.”
Housing and planning minister Alok Sharma said: “It’s vital we maintain this momentum to deliver more quality homes in the places that people want to live. Our housing white paper set out an ambitious package of long-term reforms to do just that.”