Growing demand for new homes and the need to meet housing requirements is fuelling growth in the construction industry, significantly contributing to the UK’s economic upturn.
Upward pressure from new housing is at its highest level for four years according to the Office for National Statistics.
Help to Buy has played a big role in oiling the cogs in the property market, enabling first time buyers to join the property market and making the move easier for second or third steppers. It has taken a while for awareness of the scheme to penetrate through to buyers but this limited time offer has encouraged people to take the leap into home ownership.
Growth in the number of buyers has exacerbated the difference in supply and demand, influencing property prices and increasing pressure to build more new homes.
Mackenzie Smith are fortunate to be involved in the sale of new homes at numerous locations, with property currently available to reserve in Ash Green, Hook and Farnborough. Other developments will be launching in the new year and we expect growth in construction of new homes to begin to deliver the much needed housing supply across the North Hampshire and Surrey area.
Competition in the mortgage market means lenders are continuing to offer competitive mortgages and rates are still favourable, there are some of the best fixed rates available now than have been on offer for a long time which is keeping buyers coming to the market. As rates are likely to remain low in the coming months construction will have to work hard to keep up with demand for good quality, accurately priced new homes.
Available and forthcoming new homes: