Welsh Housing Market Experiencing Sizeable Undersupply
The Welsh housing market is experiencing a vast undersupply of available dwellings similar to the rest of the UK, according to the latest research by the National House-Building Council (NHBC). The prior three months to September indicate a fall in the number of new homes built in Wales and several more are needed to meet the ongoing demand. The total built in that 90 day period was just short of 1,200 with more than 1,210 built last year.
Across the UK this year, a 6% increase in new home applications has taken place. Last year a total of 88,196 applications were processed.
Imtiaz Farookhi, NHBC chief executive, commented on the UK house building market, saying: “Although headline registration volumes are marginally above last year’s for the UK, viewing the figures in absolute terms underlines the real scale of the challenge facing the whole house building industry.
“Just this month, the UK Government announced its ambition that 230,000 homes need to be built each year by the end of 2015.
“But meeting this target will require a bold approach from the coalition.
“Ultimately, the many pressing issues currently being debated, such as homelessness and housing costs, are rooted in the chronic undersupply of new housing in the UK.
“The Government, therefore, needs to not only remain strong on policy already announced but also must be prepared for further assertive action if it becomes clear that house building volumes in the UK continue to remain at perilously low levels.”