Housebuilding rates continue to increase

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New figures have shown that there has been an increase in the number of homes being built across the country…

According to the latest figures, the number of new homes built in 2014 totalled 137,010. This represents a 10 per cent increase when compared to 2013, and is the highest annual total since 2007.

London also saw a significant increase in new housebuilding projects, with the rate of starts at the highest since 2005 to 2006.

Since the end of 2009, overall 700,000 new homes have been delivered. Over 200,000 of which have been built since the government launched the Help to Buy scheme.

Housing Minister Brandon Lewis said: “We inherited a broken housing market in which builders couldn’t build, lenders wouldn’t lend and buyers couldn’t buy.

“We’ve done a lot to help get the housing industry back on its legs, but there’s more to do.

“Today’s figures show we’re on track and turning this around.

“Now, housebuilding levels are at their highest annual total since 2007, and first-time buyers are getting on the property ladder in record numbers.

“This is thanks to our long-term economic plan and efforts to tackle the deficit we inherited, which are keeping interest rates at their record low and mean now is the best time on record to take out a mortgage.”

Since the 2008 economic crash the government has pushed to rebuild the housing sector. This has seen schemes implemented such as Help to Buy, which has enabled over 77,000 people to become homeowners by needing smaller deposits.

Furthermore, the government states that nearly 217,000 affordable homes have also been delivered since 2010. A total of £19.5bn public and private funding has been invested in affordable housebuilding, with an additional £38bn planned for 275,000 new homes between 2015 and 2020.

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