Official figures reveal that the house building rate hit a decade-high in 2017, prompting the Government to declare that it is on track to achieve its goal of delivering 300,000 new homes a year by the mid-2020s.
The data indicates that 222,190 new homes were built during last year, the highest level since the 2007/2008 peak and an increase of 2% annually.
The additions consist of 195,290 new builds, 29,720 change of use properties, 4,550 conversions, and 680 other property gains. The total gains were offset by 8,050 demolitions.
Housing Secretary James Brokenshire said that the figures are encouraging and confirm another annual increase in the number of new properties delivered, but the government is determined to do more to ensure that needed homes are delivered.
The Housing Secretary said that this is why an ambitious target of 300,000 homes a year by the mid-2020’s has been set, This includes changing the planning rules, investing over £44bn, and eliminating the borrowing cap so councils can produce more homes.
The yearly supply growth rate remains down compared to 2016/2017, when supply was up by 15% and has slowed to its lowest total since 2013/2014 when a boost of 10% was recorded.
Naismiths managing director Blane Perrotton said that since Brexit made UK construction hesitate, housebuilders have prided themselves on keeping things running at home.