Housing Completions in England Plummet to Lowest Level Since First Lockdown
England is witnessing a sharp decline in the number of completed construction projects, resulting in the lowest figures since the onset of the COVID-19 pandemic. According to the latest report, the number of new homes completed over the past year has dropped by 20%, reaching levels not seen since the spring of 2020 when the initial restrictions were implemented. This decline reflects numerous challenges faced by the construction industry, including soaring costs of materials, difficulties in obtaining permits, and overall economic instability.
The construction association warns that such figures could negatively impact housing affordability in the country, a pressing issue for many Britons. In the absence of new projects, demand for housing is likely to continue outpacing supply, leading to rising prices and further worsening the situation for potential buyers.
Experts emphasize that this trend may worsen ahead of winter when fewer new buildings are typically brought to market. Meanwhile, authorities are attempting to implement various support measures to stimulate the housing market; however, these have yet to yield significant changes.
As the country’s economy continues to recover from the pandemic, and with new challenges on the horizon, the construction industry faces a tough few months ahead. The future of the housing market in England is the subject of active discussions, and the forecasts remain uncertain.
