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Spotlight: New Build Homes – 2016/17

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Housebuilding numbers are potentially on target but there are challenges ahead

■ Recent announcements in the Autumn Statement confirm the Government is still committed to increasing supply and hitting its target of delivering one million new homes by 2020. New data confirms that just under 190,000 new homes were delivered in the year to March 2016, meaning at current rates there is the potential to hit this target.

■ Rising completions from the larger housebuilders has helped. But there has also been a widening range of participants expanding production across a range of sub-markets.

■ The initial concern following the vote to leave the EU has eased with many indicators now showing normal levels of housing market activity.

■ One exception is the top-end of London where activity remains much weaker due to the tax changes preceding the vote to leave.

■ Weaker consumer confidence is a significant risk in the face of rising inflation but the new homes market may benefit from lower levels of available stock in the second hand market.

■ We need the right type of new homes in the right places. This requires sufficient land supply in areas of greatest housing demand.

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