Despite a 12% jump in the number of new homes being built in England, demand looks set to continue to outstrip supply.
Construction was started on 44,740 new homes in the three months to the end of September, 12% more than in both the previous quarter and the same period a year earlier, according to the Ministry of Housing, Communities & Local Government.
But the number of properties that were completed was flat quarter-on-quarter, while the figure was only 3% higher than it had been the previous year.
At the same time, only 163,420 homes were built in the 12 months to the end of September, well down on the estimated 250,000 new properties needed each year to keep pace with demand.
The total was also nearly half the Government’s target to have 300,000 new homes built annually.
The disappointing figures suggest the current mismatch between supply and demand will continue, putting upward pressure on house prices over the long term.
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