The Office of National Statistics (ONS) has revealed that construction has increased by 1.5% in the last three months.

Overall, there has been a 0.3% gain in national construction output compared with last year and 2.9% more output in comparison to the last three months.

Significantly, construction of new builds has continued to rise with a 5.6% boost on both the last year and past three months.

Neil Knight, Business Development Director of Spicerhaart Part Exchange and Assisted Move, commented: “The rise in construction of new housing is very positive, it seems the focus is still very much on first time buyers, with most new build schemes aimed at them in order to take advantage of the stamp duty freeze and the hugely popular Help to Buy scheme.

“In fact, in the five years since Help to Buy was launched, first time buyers have gone from accounting for 38% of all mortgages to 51%. It is clear why developers are keen to build homes for first time buyers as there is no chain, so it is easier to sell the properties and move on. But we cannot forget about the rest of the market.

“If the Government wants to really get things moving, we need to ramp up construction in other residential areas. For example, we need more bungalows and housing suitable for older people to downsize, and we need more family homes aimed at second and third steppers.”

https://www.todaysconveyancer.co.uk/main-news/national-construction-output-increases/

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