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Number of New Homes Reaches Post-Recession Peak

The number of new properties entering the UK housing market now stands at its highest level since 2008.

Number of New Homes in the UK Rises 2015/16

The number of new properties entering the UK housing market now stands at its highest level since 2008.

According to official figures published by the Department for Communities and Local Government (DCLG), a provisional total of 189,650 new properties entered the market in 2015-16, marking the largest number of new homes produced in a year since the financial downturn.

However, the number of new properties remains 15% beneath the 2007/08 peak of 223,530.

The report revealed that 2015-16 had seen an 11% year-on-year increase in the number of new dwellings that became available to the market – 18,960 more than in 2014/15.

New build properties accounted for 86% of the net change, with a total of 163,940 completions being made on new properties over the course of the year.

The statistics also encompass all property conversions, such as the splitting of a house into flats, as well as change of use developments, for example, permitted development changes of office buildings into residential accommodation.

Overall, property conversions and change of use developments accounted for 4,760 and 30,600 of the new dwelling additions respectively.

The figures were published following the first Autumn Statement announcement by newly appointed chancellor, Philip Hammond, who made tackling the housing shortage one of the top priorities for the post-Brexit government.

Mr Hammond announced several new initiatives to stimulate an increase in the supply available to the housing market, with the government announcing that the measures would lead to the creation of an additional 230,000 new homes by the end of the current Parliament in 2020/21.

Previously, Savills revealed that their calculations indicate that the housing shortage will remain, with the estate agency projecting the need for 300,000 new homes each year to meet demand.

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