Planning Permission Figures Show Growth in Housing Industry
The latest figures show that the number of planning permissions granted for new homes rose considerably last year. This is helping to provide a boost to the industry, which has seen a surge in activity since the launch of the government?s Help to Buy scheme.
Data from the Home Builders Federation shows that for the last quarter of 2013, 52,534 requests for planning permission were granted. This is the largest number for a single three-month period since 2008. Across the whole of last year, figures were up, with a total of 174,471 granted for 2013. This was the biggest yearly total for six years.
Home Starts Increased
This increase in the number of planning permission applications that were approved led to a rise in the number of new homes that were started last year. The total was up by 23% for 2013, with work started on 122,590 properties. This was the highest number over the last five years, showing that the housing market really has started to pick up following the economic downturn.
Help for Home Buyers
The housing market suffered a significant decline during the recession, mainly because home buyers lacked the funds to move house. This led to a difficult few years, with fewer people looking to move and house builders having to mothball projects or not start on them at all. During this time, activity dropped to record lows.
However, with the launch of the government?s Help to Buy scheme last year, more people have been encouraged to get on or move up the housing ladder. This has been a major factor in the sudden rise in the number of new homes being built. The scheme alone is resulting in about 2,500 new homes being reserved every month. With a greater availability of mortgages, an increasing number of people will look to move house. This will then result in housing companies having to start work on more properties, some with a Juliette balcony.
Figures over the past few months have shown brighter prospects for the industry and indicated that the market is starting to pick up. This isn?t a one-off spell, as data from various sources points to the same good news.
Buying a New Home
If you?re thinking of buying a new home, by using Help to Buy or your own funds, there are a number of factors you should consider when looking at properties. Firstly, you should decide exactly how much you want to spend before looking at a development. There?s no point being wowed by the fabulous features of the most expensive house on the market, such as a stunning Juliette balcony, if you can?t get a large enough mortgage.
You also need to think about what you want from your new home. This will depend on who you are buying with, whether it?s as a single person or a couple or a new family or one with teenagers. Each of these groups has different requirements from a home.
If you?re looking at new properties, then do your research and see what is available in your area at the right price.
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