British construction companies registered nearly 38,000 new home applications during the third quarter of this year, a six per cent jump on the same period last year.
The UK has a chronic housing shortage, especially in the South, and early in October Prime Minister Theresa May pledged a further £10bn towards the Help to Buy programme.
The latest National House Building Council (NHBC) data revealed that UK housing is on track for a 10 year high, as we see the highest Q3 figure since the recession, and seven out of the 12 UK regions experienced growth in registrations.
A survey by the Royal Institution of Chartered Surveyors (RICS) showed that demand for commercial property from both tenants and investors picked up modestly over the past twelve months.
Both the NHBC and RICS surveys showed similar regional patterns. The biggest rises in house-building registrations was in Scotland, with large jumps too in northeast and central England, as well as Wales.
The NHBC is the leading warranty insurance provider for new homes in the UK making its figures a lead indicator of construction activity. The insurance covers about 80 per cent of new homes in Britain, and is typically purchased shortly before construction starts.
NHBC Chief Executive Steve Wood said: “We have seen encouraging growth in terms of the number of new homes being registered over the last three months, across many parts of the country.”
Many businesses have been cautious about investment due to uncertainty about the terms by which Britain will leave the EU in 2019.
“With demand for high quality new homes as strong as ever, this is positive news for the industry and prospective homebuyers, particularly in light of the current political and economic uncertainties,” said Mr Wood.