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With pressure from the government to build more new homes every year, will the current cost of living discourage the population from buying?
Crest Nicholson and Bellway, two of Britain’s biggest developers, had rises in their share prices of 11.2% and 3.3% while Bellway shares a 5.6% weekly increase on reservations at 253 compared to last year’s rate of 239 across its developments.
The boom of the property market in wake of the pandemic changed the population’s view of where they wanted to live and how coupled with working from home becoming the new norm.
Combining this with customers willing to pay more for their homes rose Crest’s average selling price by 3% to £409,000 with Bellway agreeing the “pricing environment is favorable” this is reflected in their order book which has grown by 27% to £2.4billion.
However, they are still struggling to keep p with the high demand and according to Crest Nicholson’s Chief Exec the “ slow and inefficient” planning system is to blame for the delays of new sites and as many housebuilders are aware, the possibility of fulfilling the 300,000 target will be next to none if the planning issues still occur, especially for smaller SME developers.
Stewart Baseley, Executive Chairman, HBF, comments: “As we look to boost housing supply post the coronavirus lockdown it is vital we support SME builders such that they can play their part. Increased bureaucracy and regulation and a harsh operating environment has seen the number of SME builders plummet in recent decades. The government needs to work with the industry to develop policies that allow SMEs to grow. Doing so will increase housing supply, create jobs and stimulate economies across the country.”
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