Good news all round in the housing market
Following on from Longley Concrete’s last blog post about the booming construction industry, the team was recently delighted to hear of several promising developments in the housing market.
As a supplier of precast concrete flooring products to house builders, Longley take great interest in the latest construction news and current affairs.
Managing Director Michael Longley and the Board were pleased to read last week that proposals for private new-build units have surged to their highest level in almost 15 years. This came as the number of new homes being proposed in detailed planning applications rose by more than 20% over the course of 2017, according to the experts at Glenigan.
Their research showed that in total the amount of private housing proposals went from 135,278 units in 2016 to 166,341 units last year, which represents a massive 23% improvement.
To add to that, the latest edition of the Economic & Construction Market Review from analysts Barbour ABI highlighted the positive levels of construction contract values that were awarded in 2017.
In the report it states that contract activity for new orders climbed to a total of £71 billion. A slight increase from the year previous, this figure came largely as a result of infrastructure and residential housing bolstering the industry. The two sectors chipped in with an impressive £45.3 billion of the total sum.
Finally, as outlined by the ONS and Land Registry, UK house prices also rose 5.1% year-on-year. This was mostly driven by growth in the West Midlands (7.2%), East Midlands (6.4%) and the North and South West (6.2%).
Such news is likely to benefit existing homeowners and encourage them to have greater confidence in the rest of the economy.
For any more information on the above or to enquire about Longley Concrete’s wide range of precast concrete flooring products, including beam and block, please either call 01924 464 283 or email [email protected].