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New House Completions Rise 2.6%

The number of new houses being built has risen by 2.6 per cent in the last year, according to recent figures from Barratt Developments.

The Share Centre revealed the house builder has had a strong year, with 17,856 house completions in the last 12 months.

As a result, it has achieved a one per cent increase in early morning trading, and is expected to profit around £910 million for the year leading to July.

Graham Spooner, investment research analyst at The Share Centre, suggested this is a sign the public are becoming increasingly interested in new-build properties, disregarding the unstable political and economic climate.

“Despite concerns over political uncertainty and the UK economy, there was a confident tone to the group’s outlook, highlighting a strong balance sheet and healthy forward sales,” he stated.

This comes after the Office for National Statistics revealed UK house prices have increased by 1.4 per cent over the year leading to April 2019.

While the country has suffered from economic unrest ahead of Brexit, with politicians unable to agree on an exit strategy ahead of their March 31st deadline, the housing market began to suffer.

London has been affected the most, as many international investors are waiting for the result of Brexit before committing to buying in the capital and businesses are beginning to move out of the city over concerns of a no-deal strategy. Indeed, property values in London have declined by 1.2 per cent over the preceding 12 months, while prices fell by 0.8 per cent in the south-east as well.

However, the property market at a national level has managed to withstand these difficulties, with prices continuing to increase, rising by 0.7 per cent between March and April at the peak of Brexit uncertainty.

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