NUMBER OF RESIDENTIAL PROPERTIES RECEIVING PLANNING CONSENT REACHED ALMOST 300,000 LAST YEAR
- 03 May
New figures reveal that "the number of residential properties receiving planning consent continues to increase and reached almost 300,000 last year", Property Investor Today, reports.
Research by consultants, Glenigan and the Home Builders Federation (HBF) revealed the following:
- Their highest total recorded figures of 293,127 new homes that secured planning permission in 2016
- Number of sites securing permission dropped by 11% compared with 2015- from 19,600 to 17,500
- A suggestion that due to the infrastructure requirements associated with larger sites, permissions tend to take longer to start being delivered and tends to be built over a long period
- Overall, housing supply has increased by 52% over the past three years
- Developers are not building close to the 300,000 new properties that the House of Lords Economic Affairs Committee recommended to be delivered each year
Economics director, head of business market intelligence at Glenigan, Alan Wilen, said:
"The strong level of unit approvals during the final quarter of 2016 takes the number of new homes securing planning approval last year to its highest level in over a decade.
"Growth has been largely driven by private housebuilders and the strong development pipeline demonstrates developers' confidence in the long-term prospects for the UK housing market."
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For more details, visit Property Investor Today.
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