2013 Brought a Boost for the Housing Market

The number of new homes built in the UK last year increased by over a quarter, according to the latest figures. The industry recorded its largest rise in the number of properties built since the beginning of the recession.

New Homes

Figures released by the National House Building Council (NHBC) show that there were 133,670 new homes constructed in 2013. This was an increase of 28% from the year before, making it the highest growth year on year since 2007. These latest statistics also show that growth is becoming more widespread and isn?t just restricted to London. It covers properties from family homes to city centre apartments with balcony rails.

The only area of the UK not to see an increase from 2012 was Wales, where there was a 12% decline. Overall in England there was a rise of 30% in new properties being built. London saw a 60% increase, which was the highest figure for a quarter of a century. Scotland saw the number of new homes built go up by 21%.

These figures are an important indicator for both the construction industry and the overall economy. House building is a major factor in helping the industry grow, which in turn provides the whole country with a much-needed boost.

House Prices Rise

These figures come on the back of positive statistics concerning house prices. Information from the Halifax shows that property prices rose by 7.5% in 2013, with the average price now *173,467. The financial group expects this period of growth to continue through 2014, providing a further boost to a property market that suffered hugely during the recession. This pace of growth is over three times that of the inflation rate, which increased by 2.1% over a similar period.

They also anticipate that the number of housing transactions conducted last year will have gone over one million. This is a figure that hasn?t been seen since 2007. Part of the reason for this is that mortgages are becoming more widely available and more applications are successful. There are a growing number of lenders who are willing to accept house buyers who want to take out a mortgage for more than 75% of the value of the property.

A more successful and confident housing market provides the whole country with added optimism. These figures should help give a boost to all areas of the market, from DIY projects to renovation work.