New government figures have revealed that that housing starts and completions remain below the levels they were at before the recession of a decade ago.
In a briefing note prepared for MPs by the House of Commons library, it was highlighted that a total of 36,630 house building starts commenced at the beginning of the year – a 9% decrease compared to the previous quarter.
According to official figures, this is above the low of 17,120 in the first quarter of 2009 – when the credit crunch was at its peak – but still below the 48,920 starts recorded in the first quarter of 2007, before the crunch came.
On completions, the numbers are slightly up, with 42,870 in the first quarter of this year – a 1% rise from the previous quarter, and a 14% increase compared with the same quarter of 2018.
This, however, remains below the below the peak of 48,430 in Q1 2007.
As reported by 24housing, preliminary data indicated that total residential output increased by 5% in 2018, but the same report predicted a slowing of the growth rates for both starts and completions into H1 2019.