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UK housebuilders created £75bn property market boost in 2020

Lucy Harley-McKeown
·2-min read
Builders work on the roof of a building at a Barratt housing development near Haywards Heath, Britain. Photo: Peter Nicholls/Reuters
Builders work on the roof of a building at a Barratt housing development near Haywards Heath, Britain. Photo: Peter Nicholls/Reuters

The nation’s housebuilders have helped boost the housing market to the tune of £75.2m ($100.6m) in the last year.

According to the latest research by the property developer, StripeHomes, the latest figures show that 243,770 net additional dwellings were delivered in 2019-20; A 0.8% increase on the previous year.

The average new build is priced in at £304,561.

StripeHomes analysed the latest figures on the delivery of net additional new dwellings across England and what this equates to, based on the current cost of a new build home.

Not only has there been an increase in the volume of homes delivered, but the total value of homes delivered is also a 1.4% increase on the previous year.

Despite a tough year, London has seen the greatest boost to the market thanks to its housebuilders. A total of 41,718 new homes have been delivered in the capital pumping a notable £20.3bn into the London property market.

The South East has also seen a big boost thanks to the new build sector, with £15.4bn worth of property being delivered in the last year.

READ MORE: England lockdown did not stop COVID-19 rising in London

The East of England has seen nearly £10bn added to the regional property market in the last year, while the South West and North West have also seen over £7bn worth of new homes delivered.

Even though the North East ranks bottom, the region has still seen a respectable £1.8bn in new homes delivered to the property market over the last year alone.

The North East remains a strong favourite amongst property investors due to the lower cost of property and the high demand currently being drawn to the area.

Managing director of StripeHomes, James Forrester, said: “It’s been a tough year for housebuilders and like everyone, we’ve had to adjust and adapt to a challenging landscape. As a result, many are already reporting quarterly profit losses and this is to be expected given the current pandemic.

READ MORE: Housebuilding stocks leap on Boris Johnson's plan for 5% deposit mortgages

“However, it’s great to see that despite this, we’ve soldiered on and continued to deliver new housing to a market that is crying out for it,” Forrester continued.

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