Housing commencements in the current year total 6,325, sharply down from 34,581 last year due to an artificial inflation caused by waivers for developers. A more appropriate comparison aligns with earlier years, revealing a historic low in commencements not seen since 2016. Shortfalls in housing output are apparent, particularly in the public sector for social and affordable homes. Financial struggles among smaller builders further complicate the situation, indicating a downward trend in housing construction that may affect prices and availability in the near future.
The total number of housing commencements for the year to date is 6,325, a significant drop compared to 34,581 last year, which was inflated by waivers.
Commencement rates have not been this low since 2016, which is a concerning trend indicating a potential shortfall in housing output.
The Government may not meet its target of building 41,000 homes this year, and there's a possibility of fewer homes than last year.
Small to medium-sized builders are struggling with finance, planning permissions, and utility connections, contributing to the downward trajectory of housing output.
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