This morning, the Department for Levelling Up, Housing and Communities (DLUHC) published a report showing that, between 1 July and 30 September 2023, the number of dwellings where building work started on site was down 68% — and 52% down when compared to the same quarter of the previous year.
Building control figures (seasonally adjusted)
According to building control figures, between 1 July and 30 September 2023, the number of dwellings where building work has started on site was 21,300(seasonally adjusted). This is a 68% decrease when compared to the previous quarter and is a 52% decrease when compared to the same quarter of the previous year.
The number of dwellings completed was 39,990(seasonally adjusted). This is a 1% increase when compared to the previous quarter and is a 5% decrease when compared to the same quarter of the previous year.
Other housing supply indicators
In 2022-23, there were 234,400net additional dwellings. This is similar to 2021-22 (down by 70 dwellings, or 0%).
In the quarter ending September 2023, there were 58,810new dwelling EPCs lodged. This is a 6% decrease when compared to the same quarter last year.
In the year ending September 2023, there were 237,030new dwelling EPCs lodged. This is a 4% decrease when compared to last year.
In 2022-23, there was a 239,380net increase in the number of domestic properties with a council tax band. This is a 3% increase from the previous year.
Newspage asked property and mortgage experts for their views, Robert Timm, managing dorector at Sunland Mortgages Limited said, “These house building numbers are extremely disappointing, but not surprising.
“Higher interest and mortgage rates, coupled with reduced demand, have seen some housebuilders hold off starting new developments. On top of that, there’s the the usual red tape and legislation in getting new developments off the ground in the first place.
“The country has a real lack of available housing stock and, unless these numbers drastically improve in 2024, schemes such as the 1% deposit mortgages will never be able to get off the ground.
“If they do, house prices could skyrocket as more people compete for less property.
Charles Breen, founder of Montgomery Financial said, “So much for the Government’s house building target. Like most targets with the current gaggle of clowns leading the country, it will be missed.
“Sadly this is just going to keep on compounding and exacerbating the current housing crisis.
“Any decrease in the number of houses being built will have dire consequences in the coming months, predominantly on younger people who are dreaming of home ownership.
“The decrease in house building is a cynical ploy from developers to constrain supply so as to keep the prices up and their profit margins high, and ultimately serve their shareholders.”