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News - 16 August 2013

New House building up by 6%

According to government figures (Office of National Statistics (ONS)) the number of new homes being built in England rose by 6% in the three months to June. On a seasonally-adjusted basis, there were 29,510 housing starts.

In the year to June, construction work started on 110,530 new homes, a 7% increase on the previous year.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“House construction is expected to rise further in the months ahead, following the launch of the government's Help to Buy scheme. Earlier this week, it was announced that 10,000 people had applied for new homes under the scheme since it began in April. This enables home-buyers to afford a house or flat, with the help of an equity loan from the government.”

However, the number of new homes being built is still far smaller than before the recession in 2008.

The repair and maintenance sector showed a 2.4 per cent decline, showing signs that the government’s Green Deal programme of energy efficient refurbishment is yet to have a measurable effect on the industry’s output.

Julia Evans, chief executive of the National Federation of Builders, said: “Since the middle of 2012, the rate of decline in the construction industry has been slowing. Government intervention in the form of Help to Buy has had a significant effect on house builders’ output. Funding for major projects is dependent on further spending cuts, but I believe the figures being reported make a strong case for continued investment, at a sustainable level, in construction.”

Key points from the latest release are:

  • seasonally adjusted house building starts in England are estimated at 29,510 in the June quarter 2013, 6% higher than the previous quarter
  • completions (seasonally adjusted) are estimated at 27,270 in the June quarter 2013, 9% higher than the previous quarter
  • private enterprise housing starts (seasonally adjusted) were 7% higher in the June quarter 2013 than the previous quarter, while starts by housing associations were 3% lower
  • seasonally adjusted private enterprise completions increased by 11% and housing association completions increased by 3% from the previous quarter
  • seasonally adjusted starts are now 73% above the trough in the March quarter 2009 but 40% below the March quarter 2007 peak; completions are 44% below their March quarter 2007 peak
  • annual housing starts totalled 110,530 in the 12 months to June 2013, up by 7% compared with the year before; annual housing completions in England totalled 106,820 in the 12 months to June 2013, 9% lower compared to the previous 12 months

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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