Building constraints 'begin to ease'
The Home Builders Federation (HBF) has published its latest New Housing Pipeline report, in which it highlights a considerable upturn in permissions across the country.
According to the document, the level of permissions being granted for new home construction projects now stands at a five-year high and improved mortgage rates have seen the number of NewBuy reservations double since the start of 2013.
Overall, local authorities reported 45,041 new home approvals in the fourth quarter of 2012 - up by 62 per cent on the same period in the previous year.
Stewart Baseley, executive chairman of HBF, said that a lack of affordable mortgages has really placed a stranglehold on building activity in recent years, as even if developers were to create new homes, the financing was not there for individuals to buy them.
Thankfully, this situation is now improving, and more and more people are gaining access to funds in order to snap up the array of new homes that are coming on to the market all of the time.
He stated: "As government looks for ways to maintain this improvement it must also focus on its commitment to reduce red tape costs. Direct and indirect taxation, coupled with regulation, is making many building sites unviable and has got to be addressed.
"Building the homes we need would take millions of people off social housing waiting lists and enable beleaguered young families to get a foot on the housing ladder. It could also create half a million new jobs."
Earlier this week, the HBF also published its latest customer satisfaction survey in association with HSBC, with the data revealing a significant upturn in positivity over recent months.
Indeed, 91 per cent of the more than 29,000 respondents said they were either 'fairly' or 'very' satisfied with the standard of their new home and the skills of all those working in the UK's construction sector are to thank for this upturn in confidence.
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