Nearly 20% of new builds completed in England “affordable”

Nearly 20% of new builds completed in England “affordable” 1024 576 NGI Residential Mortgages

A Lichfields report commissioned by the Home Builders Federation reveals that of the 217,350 net additional houses added to England in 2016/17, 41,530 were classed as being affordable – nearly 20 per cent.

In Wales, this figure increases to 38 per cent, with 2,547 out of 6,704 completions being added to the affordable supply.

Among a raft of economic data that highlights the various economic benefits of increased housebuilding activity, the report estimates that the value of affordable housing sales stood at £4.2bn. It adds that if “annual house building output across England and Wales increases by around 81,600 units to achieve circa 300,000 homes (reflecting the broad ambition for dwelling completions per annum across England and Wales),” the outcome would include an addition of £1.6bn of these sales.

On a broader level, the HBF urges the UK government “to continue to improve the policy framework that has allowed output to grow in recent years.”

The government recently stated that a new National Planning Policy Framework revision would be published before parliament broke for summer recess – which is happening today, 24 July.

HBF executive chairman Stewart Baseley says: “The unprecedented increases in housing supply in recent years have delivered significant benefits for UKPLC and the industry is investing in more land and people to enable it to go further and build more.

“The industry is calling on Government to work with it to create the policies that will allow it to deliver the government’s ambition of 300k homes a year in England. Delivering more homes will not only help solve our acute housing crisis, but also provide a further boost to communities and economies up and down the country.”

Lichfields senior director Matthew Spry adds: “We have again identified the very significant economic contribution made by house building and how boosting supply to achieve the Government’s aspiration of 300K homes per annum in England will not only help improve access to housing for people across the country but also deliver a significant economic and infrastructure dividend.

“It is important that this contribution is properly recognised in planning and investment decisions across central and local government, agencies and Local Enterprise Partnerships.”

* Content Source – Market Strategy