Over 66,000 planning permission applications were granted in the first quarter of 2016 which represents a 4% year-on-year increase, HBF and Glenigan’s latest Housing Pipeline report has revealed.
That puts the number of permissions granted close to the pre-crash peak and stronger then the levels seen in 2006 and 2007 levels.
Peter Andrew, deputy chairman of the HBF, said: “Planning permissions are a strong indicator of future levels of supply. The past two years have seen huge increases in building levels, with housing supply in England surpassing 180,000 homes per year in 2014-15, up 22% on the previous year.
“We still face an acute housing shortage in this country. Millions of young people remain at home with their parents and we estimate we are over a million homes short of what the country needs. Help to Buy equity loan is driving demand and helping thousands of first time buyers a week purchase a new build home and with interest rates remaining at historically low levels, demand remains strong.”
Over 180,000 new homes were added to the housing stock in 2014/15. But house builders have been rocked following the Brexit with share prices being heavily hit.