New homes on the increase

Experts have declared the worst of the contraction in the housing market over after official statistics showed an increase in house building activity.

Figures published by the Government reveal that during the most recent quarter, between April and June 2009, both housing starts and completions increased compared to the previous quarter.

In England, starts in the June 2009 quarter were up 63 per cent on the previous quarter, the second successive quarterly rise.

However, they were also down nine per cent compared to the same quarter last year, while the overall annual starts for England were 41 per cent down compared to last year, and 53 per cent down on their peak in 2005-2006.

Meanwhile, completions in the June 2009 quarter were up 24 per cent on the previous quarter. They were also up seven per cent on the same quarter last year.

Commenting on the figures, Brigid O'Leary, senior economic at the Royal Institution of Chartered Surveyors, said: "This morning's release of figures provides further evidence that the dramatic scaling back in house building activity since the onset of the credit crunch has probably run its course.

"A second consecutive increase in housing starts in the private sector seemed likely after, earlier in the year, some major house builders noted that their inventory was being run-down and that they were considering restarting some mothballed projects."

The figure are available in full here

 


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