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A Housing boom is happen in Britain

Most people living in the UK simply never get the chance to build a home from scratch – and if they do, they almost always have to pay an almost astronomical amount. The cities are already rather established (with skyhigh real estate prices that aren’t really all that conducive to building new properties), and the country usually doesn’t offer all that many options, either – especially if you’re going to find the rest of the prospects of country living untenable. But according to the ONS, new home building projects are on the rise in England. There are quite a few reasons this change has started, as well as a number of reasons why the rate of new home construction is expected to leap up in the coming years, and we’re going to break some of the most important ones down below.

New home construction rates have exploded throughout the UK

According to that study produced by the ONS, new home building projects are up about 15% over last year. This is a rate of almost exponential growth that no one really expected or anticipated, but it’s definitely a big boost to the economy. More people buying property and building homes means that there’s more money flooding into business all over the UK and the EU, and that’s only going to have a trickledown effect that boosts everyone’s bottom line across the board. So many new houses are being built, in fact, that with the more than 130,000 new homes that were built in the UK a new record was set. This is the most new homes built in a single year since 2009!

New home construction rates have exploded throughout the UK

Most people living in the UK simply never get the chance to build a home from scratch – and if they do, they almost always have to pay an almost astronomical amount. The cities are already rather established (with skyhigh real estate prices that aren’t really all that conducive to building new properties), and the country usually doesn’t offer all that many options, either – especially if you’re going to find the rest of the prospects of country living untenable. But according to the ONS, new home building projects are on the rise in England. There are quite a few reasons this change has started, as well as a number of reasons why the rate of new home construction is expected to leap up in the coming years, and we’re going to break some of the most important ones down below.

Right on track for new government projections

A lot of this growth can be linked to the booming economy in the UK right now, as well as the almost unbelievably high real estate prices in London that have spurred new development throughout the nation, but much of it also has to do with major governmental initiatives designed to promote home ownership and new home building. PM David Cameron has been unabashedly honest about looking for new ways to boost the economy of the UK, and has also made it a major priority to change “Generation Rent” into “Generation Buy”. A number of the initiatives he’s been passing have a lot of potential to transform the economy, and obviously we’re starting to see those impacts right now. Last year the government projected that the new home construction numbers would read 250,000 a year by 2020 – and now the UK looks like it’s going to be right on pace with those figures. This is a big boost to all of the businesses and industries involved in the construction world, as well as those that are dreaming of owning a new home that they’ve had the chance to build from the ground up. There is a bit of concern about these new figures though. The construction of the Crossrail project and the boom in new developments has younger people worried that they will be left in the cold by the time they’re able to afford a new home. Programs have been designed to specifically address this issue, and new definitions and regulations for affordable homes should change secure the homeowner future for these young people.

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