The UK capital saw the highest number of planning approvals granted for new homes in 2017, indicating the growing demand for housing in London.
Planning approval was given for more than 60,000 new homes to be built in London, according to data from Home Builders Federation (HBF). Stable economy, job opportunities, and availability of mortgage are encouraging more aspiring home buyers to step on to the property ladder.
Quoting data from HBF, the NHBC Foundation observed that an equal number (60,000+) of homes was approved to be built in the South East. The demand for new homes has been outstripping supply in London and the South East regions since the last few years.
According to the HBF New Housing Pipeline, there were planning approvals for 391,300 new homes in 2017 across Great Britain. This compares with 202,100 in 2011. With the demand for homes growing consistently year-on-year, the number of planning approvals are also rising.
NHBC Foundation data reveals that urbanisation continues to remain one of the core drivers of housing market growth in the UK. Approximately, 82.8 per cent of people living in the UK in 2016 were defined as ‘urban dwellers’ by the United Nations, making the UK slightly more urbanised than the average 81.4 per cent for high-income countries.
In the year to March 2017 in England, of the total land used for housing, it is estimated that 56% was non-developed (greenfield) land and about 44% was previously-developed (brownfield) land - NHBC Foundation