Housebuilding is continuing to rebound with chartered surveyors across the country reporting growth in the number of privately-funded housing projects.
The Royal Institution of Chartered Surveyors’ latest construction survey shows a net balance of 41 per cent more respondents reported growth in home construction in the third quarter, up from a net balance of 31 per cent in the second quarter.
The third quarter is the first time every part of the country has reported growth since the beginning of the market crash six years ago.
However, at present the UK is building less than half of the 230,000 new homes it needs to build each year to keep up with the growth of new households.
Surveyors are also expecting a sharp increase in business during the next 12 months, with a net balance of 71 per cent of respondents seeing work volumes picking up.
RICS chief economist Simon Rubinsohn says: “While it’s certainly good news that construction – and especially housebuilding – is finally on the rise right across the UK, we are certainly not out of the woods yet.
“Critically, we’re still way behind in terms of building enough homes to meet the nation’s growing housing need and overall construction projects are at a historical low.”
Legal & General Network director of housing and external affairs Stephen Smith says: “This is encouraging news, however there is still more to be done. With consumer confidence starting to return to the market, it’s crucial that more homes are built so that demand does not outstrip supply. Having a good stock of affordable housing is key to ensuring house prices don’t overheat and the market continues to grow in a sustainable manner.
“The figures from RICS show that a significant amount of this building work is being carried out by the private sector. The Government and industry need to do all they can to support this in the coming months and years.”