Building forecast to rise for five years
PRIVATE sector developers are responding to the growing demand for homes, driven by the improving economy and supported by Help to Buy, say Savills.
Although private enterprise completions are still about 85,000 a year in England, the number of starts rose by 31% to 54,760 over the six months to September 2013 compared with the same period the previous year.
As the housing recovery takes root and spreads to markets beyond London, Savills expects housebuilding rates to gain momentum in 2014.
They predict that production will increase by 8% a year in the five years to March 2018, which equates to 107,000 new homes a year.