New homes are being built at an increased rate across Britain as the nation recovers from the impact of the 2008 economic crash which caused the loss of 250,000 construction jobs. Conveyancing Marketing Services responded to the news.
According to the government, housebuilding has been a key part of their economic plan over the past five years. They say that work began on 140,500 homes in the year to March – a 5 per cent rise from the previous year. More than 40,000 homes were started between January and March in 2015, equating to a 31 per cent increase to the last quarter of 2014. This is 136 per cent higher than six years ago, meaning that housing starts are at their peak since 2007.
However, these figures do not tell the whole story according to Sharon Buthlay, a director at Conveyancing Marketing Services: “Whilst the housebuilding surge is good news to those waiting to buy a property it isn't the entire answer to the problems the property industry and home buyers are facing.
“The real problem is that second, third and fourth time buyers are trapped in homes that they can't sell because they can't afford to get onto the next rung of the property ladder. To buy a property, even with a hefty deposit, means borrowing thousands or hundreds of thousands in some cases and people's earnings just aren't enough to afford the astronomical monthly payments this entails.”