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Net Supply of Homes Increases by a Quarter

November 16, 2015 | Landlord News  

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After a five-year decline, the tide has been turned in England’s quest for more homes. According to the latest data from the Department of Communities and Local Government (DCLG), the annual housing supply amounted to 170,690 net additional dwellings for 2014-15 – an annual increase of 25%

The number of new homes under construction rose 19% to 155,080, while 20,000 homes were created through ‘change of use’. This amounts to a 65% year-on-year increase in the number of dwellings added as ‘net change of use’.

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The number of dwellings added through conversions increased by 11%. Also reported was a 12% decrease in the number of demolitions.

Housing minister Brandon Lewis said: “We’ve brought the housebuilding industry back from the brink, giving them the tools they need to get on with the job and build the homes hard-working people need.”

Although this success marks the highest percentage annual increase in net additional homes for 28 years, it is still far from bridging the widening gulf between supply and demand. But with the Tories chasing the target of a million new homes by the next general election, the housing crisis might yet prove to be solvable.

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