Government figures show rise in housing completions

A 15% rise in completions in the year up to June 2014.

Housebuilding figures released by the government today have shown an increase in the number of housing completions in the June quarter 2015.

In this time, seasonally adjusted completions between April and June were 4% higher than the previous quarter, and the 35,640 completions represents an increase of 22% over the corresponding quarter of 2014.

Completions also went up in the private enterprise tenure and housing association sector, with a 4% and 6% rise respectively from the previous quarter.

When assessing the annual number of completions with the year ending in June 2015, work on 131,060 homes was finished. Although this is some way below the peak level represented in the 12 months ending December 2007, it is 15% higher than in the year ending June 2014.

In addition, private enterprise completions were up 11% annually and the figure for housing associations was even better at 30%.

The annual housebuilding completions are at their highest annual total for six years and Housing Minister Brandon Lewis described it as a “real boost.”

He said: “Our One Nation government has got the country building again with today’s figures showing that 131,060 extra homes have been built in the past year.

“This has provided a real boost to the UK’s construction industry and is delivering the homes that hard working people rightly deserve.

“However, we know there is more to do. That is why we have outlined plans to deliver 275,000 affordable homes by the end of this Parliament – the fastest rate of building for 20 years.

“We’re also determined to support those who aspire to own their own home, which is why we’re making up to £10M available to bring forward brownfield sites to build new Starter Homes, which will be available to young first-time buyers at a 20% discount.”

However, the news from the statistics released by the government today was not universally good. Although housing starts in the year ending June 2015 are up by 81% from the lull in the year to June 2009, the annual performance compared to the end of last June is disappointing.

There is a 1% drop in comparison to the year to June 2014, while housing association starts faltered by 16% compared to the year before.

The overall annual figure is 26% below the best recorded rate of the year up to December 2007, but private enterprise starts in the 12 months to June 2015 are up by 3%.

Quarterly starts fared worse, with the seasonally adjusted figure estimated at 33,280 for the quarter to June 2015 – 14% down from the March quarter. It means the number of housing starts is 6% below the level recorded in the June quarter 2014.

When compared to the trough of the March quarter 2009, the figure is up by 94% but it is still some 32% short of the peak enjoyed in the March quarter 2007.

In addition, private enterprise tenure starts and housing association starts both decreased in the June quarter by 12% and 23% respectively from the previous quarter.

The post Government figures show rise in housing completions appeared first on UK Construction Online.