Sunday, April 14, 2024

“Drop of 51% in Residential Building Starts in Q4 2023 from Previous Year”

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Residential building work starts in England experienced a significant decline of 51% in Q4 2023 compared to the previous year, according to the latest housing supply report from the Department for Levelling Up, Housing & Communities (DLUHC). The data, which covers the period from 1st October to 31st December 2023, reveals that there were 19,080 new dwelling starts during this time, marking a more than 50% decrease from the same period in the previous year and a 10% drop from Q3.

In addition, the report shows that the seasonally adjusted figure for dwellings completed in Q4 2023 was 39,650, reflecting a 15% decrease compared to the same quarter in the previous year. However, there was no change from the previous quarter, remaining stable at 0%.

These findings indicate a challenging period for the residential construction sector in England, with a sharp decline in new building work starts and completions. Developers and industry stakeholders will need to closely monitor these trends as they navigate the evolving landscape of the housing market.

The DLUHC report provides valuable insights into the state of the residential construction industry in England and underscores the need for continued support and investment to stimulate growth and address any potential barriers to development. As the sector continues to adapt to changing market conditions, policymakers and industry leaders will play a crucial role in driving sustainable growth and ensuring the availability of affordable housing for residents across the country.

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