It will come as no surprise to anyone that the housing market has been significantly impacted by the COVID-19 pandemic, the lockdown and measures aimed at supporting the industry.
There is a great level of demand for property right now, but it might be there is an issue in the supply of new homes.
New build activity for Jan, Feb, Mar, Apr, May, Jun and July of 2019 and 2020 for UK
In 2019, for the first seven months of the year, a total of 95,022 new build properties were developed, and in 2020, for the same time frame, a total of 60,183 new properties were developed. This represents a negative change of 36.6% from one year to the next.
In London, the reduction was less dramatic. In the first seven months of 2019, a total of 16,513 new properties were build and for 2020, the figure was 14,102. This is still a reduction, but just a fall of 14.6%.
Every other part of the UK had a greater fall than London, which indicates that the rate of new build property in London is progressing, and in a healthier shape than across the rest of the United Kingdom.
What is the projection for 2020?
The ThinkBroadband site has examined the figures for new build numbers across the UK running back to 2012. The company estimates that the 2020 figure will be just over 100,000 premises, which will be the lowest number in this time.
When you consider the challenges of 2020, and the lockdown period, this shouldn’t be a surprise. This year is not a standard year, and it will be wrong to compare it in such a manner. Hopefully, the 2021 figures will show a massive spike compared to this year.
This won’t be an indicator of 2021 as a booming year, it will merely emphasise how abnormal 2020 has been. The figures for new build premises in the UK since 2020 are as follows:
- Estimated 2020 total (projection for 12 months from existing 7 months) 103,170 premises
- Actual 2019 premises 193,478 premises
- Actual 2018 premises 217,046 premises
- Actual 2017 premises 167,775 premises
- Actual 2016 premises 185,904 premises
- Actual 2015 premises 168,501 premises
- Actual 2014 premises 146,491 premises
- Actual 2013 premises 128,040 premises
- Actual 2012 premises 126,988 premises
If you have any questions or queries about the housing market, it is best to call on experts for support. We are still available to help you, while following social distancing guidelines, so feel free to contact us if you need to. We can arrange a free valuation for you, and if is this of interest, please contact Residential London today.
We have a team of qualified professional property consultants specialising in real estate across the capital. We are active in Westminster, The City of London, Kensington & Chelsea, Hammersmith & Fulham, Wandsworth, Lambeth, Islington, Southwark, Tower Hamlets, Greenwich, Newham, Hackney and many more London locations.
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