Figures just released heralds a significant increase of 10% in new homes start ups build in 2014, compared to 2013’s quota. This is being called a remarkable achievement by the government as this is highest build since 2007.  

The Department of Communities and Local Government’s figures showed that In 2014, 137,010 new builds were started and the Capital boasted its highest level since 2005 to 2006.

Since the last quarter of 2009 a total of 700,000 new homes have been completed, the government’s Help to Buy scheme has accounted for more than 200,000.

 

The Housing Minister, Brendon 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."

He continued: "These figures show we’re on track and turning this around. Now, house building 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,”.

The DCLG said that the economic crisis in 2008 decimated the house building industry; it put the building levels back down to their lowest since the 1920s. Over a quarter of a million workers lost their jobs and one of the government’s leading priorities, is to re-energise the industry with financial inducements to take on the housing crisis, which is such an important part of its plan for a strong economic growth. 

Its aims is to help encourage more people to become homeowners with the advent of lower deposits, a fraction of which they were and this has seen more than  77,000 households taking advantage of the Help to Buy scheme.

Another of the government’s aims is to let local people decide upon where future development areas should be built. According to Lewis, this action has been responsible for significant increases in house building in the last six years and that permission was granted for 240,000 new homes to be started to be built this year.