New build starts soar to nine-year high

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, added: “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.”