Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
New Build Developments Drop to Nine-Year Low
The number of new build housing developments is at its lowest level since January 2017, according to research by Rightmove. This comes despite the Labour government’s plans to build more than 1.5 million homes during this parliament.
Rightmove’s analysis tracked the number of housing developments listed for sale on its website over a period of more than ten years, excluding retirement developments. The findings highlight a significant decline in new build activity, which may impact the availability of modern rental stock for letting agents and inventory clerks.
Across the wider property market, including both new and existing homes, the number of properties for sale has increased by 85% compared to four years ago. However, Rightmove notes that there remains a long-term shortage of affordable homes in suitable locations, despite the historically high number of homes currently available for sale.
The research underscores ongoing challenges for first-time buyers, with affordability and access to the housing ladder becoming increasingly difficult. The shortage of new build developments may further limit options for renters and buyers seeking modern, energy-efficient homes.
Letting agents and inventory clerks may wish to monitor these trends closely, as reduced new build supply could affect the types of properties entering the rental market and influence demand for existing stock.
Source: Mortgage Strategy