Q4 of 2023 saw more than 23,360 housing development starts, the latest ONS Quarterly Housebuilding data has revealed.
This figure marked a slight decrease on the previous quarter, which recorded more than 28,500 starts.
In terms of completed dwellings, Q4 saw more than 50,650 completions, a significant rise compared to the 45,850 recorded in Q£3.
Kevin Roberts, managing director at Legal and General Mortgage Services, said: “A healthy level of housebuilding activity and ongoing competition on mortgage pricing has given prospective buyers a reason to have a spring in their step this April.
“What’s more, last month saw a significant rise in new property listings, pointing towards a market that is slowly but surely re-establishing itself.
“For buyers, there are two positives to take: greater choice when shopping around and a market where house prices are stabilising.
“With demand for housing remaining robust across the UK, it is encouraging to see building firms battle back after being constrained by the significant economic pressures that have limited all parts of the housing market for the past few years.”
Phil Lawford, national account manager, Saffron Building Society, added: “The mortgage market’s challenges have been well-documented on the demand side, but much less has been said about those on the other side of the coin.
“Housebuilders have navigated higher material costs as well as a slower business pipeline in the second half of last year after interest rates spiked to 6-7% in the summer.
“However, there are other opportunities in the new build market that could help boost supply.
“One way in particular is to boost support for self and custom build projects. Around 13,000 people choose to build their own home in the UK every year, making the sector similar in size to some of the country’s larger national housebuilding firms – however the UK lags significantly behind other European countries in this area.
“By providing further support for this type of building project, more people will be able to achieve their homeowning dreams, while supporting government housebuilding targets.”
