Housing supply increases by 137,000

Robyn Hall

November 13, 2014

The number of new build homes increased by 130,340 while 12,060 properties were lost through demolitions.

Conversions boosted supply by 4,470, change of use accounted for 12,520 of new homes and other gains made up the remaining 1,330.

Andrew Bridges, managing director of specialist London estate agents Stirling Ackroyd, said: “Nothing else can solve a fundamental shortage of homes in the long run, apart from building more.

“That’s why it’s so encouraging to see such a pick-up for the new homes industry.

“Yet even at a whopping 10% growth, it would be 2020 before we build as many homes each year as in 2008.

“Accelerating this progress will be vital, with even more homes near transport and jobs.”

Housebuilding levels currently stand 39% below the 2007/08 peak, when the market saw 223,530 new homes.

London, Newham and Southwark have lead the way, seeing 1,970 and 1,650 extra homes.

Greater London has seen 12% annual growth in the number of new homes built in the capital.

The 23,580 new homes built in London represent 17% of all those built in England in 2013/14.

Bridges added: “Our research shows areas in Southwark, Hackney, Tower Hamlets and Newham will lead the way for new homes over the next decade.

“So the fact that two of these boroughs are already leading London’s home building effort is encouraging.

“But opportunities abound and the demand is there for hundreds of thousands of new homes.

“London’s economy is moving faster than ever – more than playing its part in the UK’s wider recovery.

“But keeping that dynamo spinning will require homes for the millions working to make that reality.

“Developers now appear to be rising to the challenge.”

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