Three-fold increase in housing demand
Published: 11 March, 2010
SOUTH WEST: Connells Land and New Homes in South West England reported a three-fold increase in demand for new properties at the beginning of 2010 when compared to the same period last year.
The figures, which indicate that buyers are returning to the market, suggest there is a significant appetite to buy new homes this year and should prompt developers, especially in the South West of the country, to revive mothballed projects and begin construction on developments as soon as possible.
“We are seeing a lot of activity in the new homes market in the South West region, especially as mortgage finance becomes more available and consumer confidence increases,” says Jeremy Setter, new homes manager, Connells. “Our figures seem to tally with those of large house builders like Barratt Homes and Persimmon which have also reported greater interest in developments since the start of the year.”
The growing desire for new homes means developers which continued building over the last 18 months are now well placed to take advantage of the improving market straight away. “Motivated buyers are looking to buy now and we believe this demand will remain throughout this year,” continues Setter. “It is fantastic news for house builders with mothballed sites or those with planning permission on land as now is the ideal time to start building again.”
Although there has been mixed reports about what will happen in the house building industry in 2010, the Connells Land and New Homes team believe that we will see a period of sustained growth over the coming months.