UK house building 'has turned the corner'
New figures published by the Department for Communities and Local Government (DCLG) have highlighted the UK's house building sector has 'turned the corner' in terms of improved levels of construction.
Communities minister Brandon Lewis said: "Under the last administration, house building fell to its lowest peacetime rate since the 1920s.
"But today's figures clearly show government action is bringing confidence back into the housing market and getting Britain building again, with starts increasing by a third year-on-year."
According to the DCLG's data, a total of 340,000 new homes have been built across the country in the last three years, meaning new housing supply in the UK is now at its highest level since 2008 and the start of the global economic crisis.
Seasonally adjusted housing starts during the three months to the end of June this were six per cent higher than in the previous quarter at 29,510 properties, while the number of project completions stood nine per cent higher at 27,270.
This improvement was coupled with an annual seven per cent upturn in starts for the 12 months to the end of June and seasonally adjusted starts are now 73 per cent above their lowest point in recent years, recorded in March 2009.
Furthermore, in excess of 10,000 reservations have been placed to take part in the government's Help to Buy: Equity Loan scheme in just the first four months of its operation, while the Funding for Lending scheme has delivered a significant boost to the availability of mortgages.
All of this positive data points to the construction sector now playing a vital role in a sustained economic recovery across the country, with more new projects being launched by developers every month.
It is also extremely good news for the nation's home buyers, as more new developments means more new homes and the prospect that the UK's housing crisis is finally being effectively put to rest.
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