Figures released today by the Office of National Statistics revealed that private sector house building in January fell 9.9% year-on-year whilst public sector building dropped by a whopping 28.7%.
Andy Frank, new homes director at MAB, said: “Today’s figures are a clear sign that greater efforts are needed to stimulate investment in new housing.”
As a nation, we have failed to build enough homes for the last 20 years to support our growing population, and cannot afford to see output levels falling away in both the public and private sector.”
Since the turn of the year MAB said consumer interest in new build properties has almost doubled in its network.
Frank said: “The fact that completed purchases through the NewBuy scheme rose by over 140% in the last quarter of 2012 also shows a real appetite for new residential properties, from both first- and second-time buyers.
“We echo the calls from the Council of Mortgage Lenders for the Government to extend NewBuy beyond its current end date in 2015, to tap into this growing interest.
“As well as supporting home buyers in this month’s Budget, it must also consider how to encourage business investment in house building if there is to be any chance of supply catching up with demand.”
