New housing delivery ‘well tailored’ to match homebuyer demand: Sirius – Mortgage Strategy

New housing delivery ‘well tailored’ to match homebuyer demand: Sirius – Mortgage Strategy

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Housebuilders are doing an “impressive job of tailoring housing supply across all regions of the country” in relation to current homebuyer demand for new homes, according to Sirius Property Finance.

Sirius’ latest data found that demand for new-build homes in England currently sits at 19.2%.

In the third quarter of last year, 40,210 new homes were completed while construction was started on a further 45,590.

The highest new-build demand is in the South West where homebuyers have already snapped up 26.7% of listed homes.

The region has also seen the third-highest number of new-build completions totalling 4,950 in the last quarter, with work starting on a further 5,070 which ranks fifth in the nation.

At 25%, the South East is home to the second-highest buyer demand. The region ranks first in England for new-builds completed, which stands at 7,380 while 7,710 have been started.

The East of England is the only other region to enjoy above-average new-build demand at 23.3%.

The region also ranks second for both new-build completions at 5,839 and new home starts at 6,970 in Q3 last year.

Demand is below average in the East Midlands (17.5%), London (17.3%), West Midlands (16.4%), Yorkshire & Humber (16.2%), and North West (10.2%) while the number of new-build starts and completions are middling.

Demand in the North East is at its very lowest (8.6%). This is also reflected by the region having the lowest number of completions (2,020) and starts (2,450).

Sirius Property Finance head of corporate partnerships Kimberley Gates comments: “Our latest analysis shows that developers are doing a great job of bringing a consistent supply of housing to the market, while also maintaining this pipeline, with construction starting on more or less the same level of stock that is reaching the market.”

“At the same time, the focus of this delivery has been well tailored to mirror demand amongst homebuyers, so that new homes are reaching the areas of the market where they are needed most.”

“Of course, we need to build more homes to match growing demand, but building in low demand areas for the sake of boosting figures and evening out distribution across every region is neither in the interest of house builders nor homebuyers.”

*New build buyer demand based on the level of homes listed for sale that have already been marked as sold subject to contract, or under offer, as a percentage of all listings.”

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