However, it is promising to hear that new home registration numbers have risen in some regions.
According to the National House Building Council (NHBC), 154,698 new homes were registered to be built in the 2017 – 2018 financial year, with growth in regions including the North West, West Midlands, East Midlands, Scotland and Wales.
The figures show that most notable increase was in the North West, with registrations growing by 21% in the 2017 – 2018 financial year, compared with the previous 12 months. This certainly resonates with what we are seeing here at Hampshire Trust Bank.
From our perspective, housebuilding activity in the North of England, and specifically the North West, is increasing.
Indeed, we are seeing a surge in growth from businesses based in the Northern Powerhouse, with our SME Growth Watch research showing that out of the top 10 UK cities, firms in Leeds and Greater Manchester are set to boost their contribution to the economy the most, with 26% growth expected in both cities in the 2016 – 2025 period.
We are committed to helping experienced SME housebuilders make the most of the opportunities available to them by funding value-add residential and commercial development projects. Together we believe we can continue to drive housebuilding activity.
Find out more about our Property Finance division.
Robert Grigg
Managing Director of Property Finance